Government to boost supply of new homes in Scotland 

The Scottish government is to team up with new home developers to help boost the supply of new homes in Scotland, in an attempt to help more first-time buyers on to the property ladder.

Housing Minister Alex Neil will unveil details of the new £2.5 million new pilot scheme to encourage new home purchases and help the building industry through the downturn this week.

The trial scheme will be part of the existing affordable homes initiative for first-time buyers, which aims to assist those on low to moderate incomes buy a new home.

New home builders are being asked to take equity stakes in unsold or partially-built private new home builds in conjunction with the Scottish government.

Potential buyers will then be offered an opportunity to buy an equity stake – 60% to 80% - in the new home, with the new home developer and government each contributing half of the remaining balance.

Neil commented: “This trial scheme, if successful, could double the number of affordable homes we can support from the public funds available for this type of shared equity housing.

“We are keen to offer more opportunities to help people on low to moderate incomes meet their aspirations to become homeowners, where it is sustainable for them.”

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