Controversial ‘Help to Buy’ scheme almost fully subscribed

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A controversial Scottish Government scheme to help people move up and onto the property ladder is nearly fully subscribed due to a bumper level of sales reservations.

The Help to Buy (Scotland) scheme will accept new applications up until midnight on Tuesday 26 May and sales will take place up until February 2016.

The scheme is hoped to help move citizens up the 'property ladder'
The scheme is hoped to help move citizens up the ‘property ladder’

 

However, the Help to Buy (Scotland) Small Developers scheme, with £30 million funding, will continue to take applications until further notice.

Over £305 million of Scottish Government funding has been allocated to the two schemes and over 7,500 sales are expected to be completed by the end of this financial year.

The Help to Buy scheme was developed in partnership with the housing and lending industries.

Housing Minister Mrs Burgess said: “The Scottish Government has invested hundreds of millions of pounds to support home buyers and that has given the private sector and construction industry a huge boost.

“Participating builders have been informed that the main Help to Buy scheme is nearly fully subscribed and we are giving seven days’ notice to allow final applications to the scheme.”

But critics of the scheme have been quick to point out that that scheme could be fatal to the UK economy, with Alex Morton, David Cameron’s housing adviser, saying it risks “detonating a bomb” under the British economy.

 

 

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