Scottish homebuyer confidence supported by numerous incentive schemes

Latest figures from the Bank of Scotland's Housing Market Confidence tracker show that 29% of people living in Scotland predict a rise in house prices within the next 12 months. At the same time, 25% of those surveyed expected costs to fall. The tracker aims to gauge people's opinions and track how confident the public is in the Scottish housing market. One interesting point that the survey revealed was that three-fifths (59%) of those asked say that coming up with a deposit is one of the main barriers to buying a property.

A number of housebuilders are currently offering a range of solutions to help potential buyers purchase their dream home without the need for a hefty deposit.

Stewart Milne Homes runs a First Time Buyers Plan with 95% mortgages available as well as a choice of furniture at no extra cost, complimentary carpets, curtains and light fittings and a 40" plasma television with home cinema. The option of shared equity is also offered. This incentive is available on a selection of developments across Scotland including Wallace Gardens in Stirling, where a two-bedroom apartment with living room, separate kitchen, built-in wardrobes, allocated parking and a security system is priced from £143,000.

A Deposit Match scheme, whereby the housebuilder will loan buyers up to 5% of the property value, is being offered from Taylor Wimpey. House-hunters need only save a 5% deposit and Taylor Wimpey will offer a further 5% in the form of an interest free loan to be paid back within 10 years. Stamp duty and legal fees can also be paid through the scheme, which is open to first-time buyers. The Leys in Bathgate is just one of the developments where Deposit Match is offered. Homes here start from £104,995 for the ‘Calder' apartment, which comprises a lounge, kitchen, two bedrooms, bathroom and a single garage.

Persimmon Homes has a Parent Payback system in place. The buyer's parents pay up to 20% of the property price as a deposit, which then earns them 5% interest on their investment for two years. The housebuilder also offers a First Time Buyers Package that includes shared equity offers and a reservation fee of £99. One of the developments this is available at is St Michael's Grove in Dundee, which comprises a collection of two-, three-, four- and five-bedroom homes with prices starting from £134,296.

Buyers can raise up to 25% of a property's purchase price by taking advantage of CALA Homes' shared equity scheme, entitled CALA Pay. The purchaser takes out a traditional mortgage from a lender and the housebuilder will provide the remainder of the cost in the form of a second charge loan. Rather than being for a set amount of money, this loan is based on a percentage of the property value. CALA Pay is offered at Grovewood Hill in Edinburgh where available properties start at £199,000 and Kinnaird Point in Larbert where homes are priced from £139,500.