Help to Buy bearing fruit in Scotland

Wed, 22 Jan 2014

Help to Buy bearing fruit in Scotland
Hundreds of people are reaping the benefits of the Help to Buy scheme in Scotland.

According to new figures released by the government, there have been more than 1,200 applications for the government initiative, with 203 having successfully been given a mortgage since the programme launched in September.  

Nicola Sturgeon, deputy first minister, said the Scottish Help to Buy mortgage guarantee was not simply helping aspirant first-time buyers.

"It also helps ‘second-steppers’ and others [moving] to a new property, and the popularity of the scheme is evident through the 1,200-plus applications that have been received so far."

Help to Buy is also stimulating the construction industry in Scotland, with 109 housebuilders having signed up to participate in the government's flagship housing policy. 

Chief executive of industry body Homes for Scotland Philip Hogg called Help to Buy a "positive indicator for industry recovery". 

However, he added there were still many obstacles to recovery, such as supply-side issues, that needed to be addressed if output were to increase to a sufficient level to match the demand for new-build houses

The scheme in England has caused controversy, as it is being accredited with stoking a housing bubble.
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