Home sweet home: thousands benefit from Help to Buy

5000 sales valued at £1 billion – and 2500 more on the way

More than 5,000 families and first time buyers have purchased their home through the Help to Buy (Scotland) scheme, Housing Minister Margaret Burgess announced yesterday.

A further 2,500 sales are expected to be completed this year through this scheme and the Help to Buy (Scotland) Small Developers scheme.

Over £305 million was allocated to the two schemes – far exceeding the original industry demand for £220 million and target of 4,500 homes.

The value of the 5,000 properties sold under the scheme since November 2013 is now over £1 billion.

Help to Buy (Scotland) has been developed and delivered in partnership with Homes for Scotland and the Council of Mortgage Lenders, representing the industry and lenders. They continue to work with Ministers to monitor the schemes.

Mrs Burgess said: ““Housing is, and will remain, at the heart of the Government’s ambitions to deliver a fairer and more prosperous country.

“By investing £305 million in the Help to Buy (Scotland) scheme, £85 million more than the house building industry originally requested, we have also stimulated the economy, created jobs and given the construction industry a huge boost.

“The 5,000 sales achieved has far exceeded the industry’s original target of 4,500 homes. This has provided thousands of families, couples and single people, including first time buyers, the help to move up or onto the property ladder.”

The scheme has proved to be popular all across the country. Elgin couple Cameron & Magdalena McKenzie, who purchased a property through the Help to Buy Scheme, said: “Our family were delighted to use the help to buy scheme to assist us in getting a bigger and more modern property.

“We would never have been able to buy a bigger family home if it was not for Help to Buy. From start to finish, it was also very positive dealing with Bob Milton Properties.”

Bob Milton of house builder, Bob Milton Properties, said: “We were delighted to have sold another home with the assistance of the Help to Buy scheme. The scheme allowed Cameron and Magdalena to fulfil their dreams and move up to a new energy efficient home with their required number of bedrooms for their family needs.

“The people purchasing the plot next to Cameron and Magdalena’s had a son looking for a home. I put them in touch and the son, who was a first time buyer, bought Cameron and Magdalena’s home. Clearly, the Help to Buy scheme had a very positive link in allowing two sales to happen.”

Liz Mallon, Sales and Marketing Manager of City Legacy, the company responsible for marketing the Commonwealth Games Athletes’ Village properties, said: “The Commonwealth Games Athletes’ Village is a very special development which has really caught the imagination of buyers and bridges that much-needed gap for affordable living in Glasgow’s East End, just a few miles from the city centre.

“The support of the Scottish Government Help to Buy Scheme on this affordable quality private housing development has made a significant difference to the many first time buyers and families who have purchased their first new home in this unique historic housing development.”

Pete Bell, Chairman and Managing Director of Fife-based Campion Homes said: “We are not surprised this scheme has proved so popular. It allows first time buyers to get on the property ladder and shows just how important small and medium sized builders are to the house building industry in Scotland. We are delighted to be part of it.”