The Scottish Government has extended the Help to Buy Scheme by a year until March 2022 to help the property industry recover from Covid-19.
It is hoped that more than 2,000 extra households would benefit from the scheme under which the state provides up to 15% of the cost of buying a new-build home with a purchase price of up to £200,000. The Government recovers its share when the property is sold, or when the share is bought out.
The Housing Minister said: “A strong and growing house-building industry is vital to Scotland's future economic prosperity – and particularly as we plan our strategic economic recovery from Covid-19.”
This announcement is a confidence booster for the housing market that will help ensure even more younger Scots can benefit from this already successful initiative and realise their aspirations of owning their own home, especially as we emerge from the current pandemic.
Kay and Claire of our property department are experienced in purchasing properties under the Scheme, and indeed the more recent First Home Fund, and therefore if you would like any advice please do not hesitate to contact us.