A new scheme has been announced that will make 95% mortgages available to homebuyers.
It is hoped the plan will boost the housing industry and help first time buyers who will only need a 5% deposit.
The scheme will run for three years for new properties up to £250,000.
The industry body, Homes for Scotland, is projecting that the new scheme could create or safeguard 22,800 new construction jobs and more than 650 apprenticeships.
The Scottish government and the construction industry have been working on the plan for some time.
Twelve house builders have signed up to the scheme including Miller, Persimmon, Stewart Milne, Taylor Wimpey and Barratt.
The Nationwide and the Royal Bank of Scotland said they would also participate.
Homes for Scotland chief executive, Philip Hogg said: "As far as the prospective purchaser is concerned it is a 95% mortgage, the difference is what happens behind the scenes.
"The builder will contribute towards an insurance policy which will come into affect if the property has to be repossessed and there is a loss.
"So for the home buyer it is an opportunity to get back into the marketplace and help many thousands that are locked out of buying a new home at the moment."
The Scottish government which is guaranteeing the scheme predicts it will help 6,000 households.
(H)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
01/05/2024
GRAHAM has announced the start of construction work on a new £59m low-carbon development in Edinburgh which combines student flats, build-to-rent and affordable homes. The Burnet Point scheme in Abbey Lane is the first-ever mixed-use residential development of its kind by Unite Students, one of ...
01/05/2024
A groundbreaking ceremony has marked the start of the next major phase of works on the replacement development at Liberton High School. Contractor Balfour Beatty welcomed Head Teacher Alison Humphreys, current high school and primary school pupils who will be educated at the new school, and ...
01/05/2024
Scottish housebuilder, Springfield Properties, has signed a new £10 million contract to deliver affordable housing for Moray Council. The Group will receive funds from the sale of the land to Moray Council in the current financial year and the design and build phase, which accounts for the vast ...
01/05/2024
Consulting and engineering firm, Wood, has been awarded a new decarbonisation contract by TotalEnergies (TEPUK) to support flare gas recovery in the North Sea. The 23-month contract, part of the Elgin-Franklin Flare Gas Recovery System Project, follows Wood's successful completion of a field study ...
01/05/2024
The CCG Group has welcomed the news that they have received seven nominations across six categories at this year's Scottish Home Awards. The Scottish Home Awards is one of the most prestigious in the Scottish housing sector and are set to take place at a glitzy award ceremony on the 13th of ...
01/05/2024
SSEN Distribution has announced month-long programme of infrastructure upgrade works at Loch Ness, to improve the reliability of supplies to over 1,300 homes and businesses, as well as boosting network capacity. The project starts on 2 May and is scheduled to finish by the end of the month. Teams ...
01/05/2024
SSEN Transmission has announced the successful completion of the final phase of the new Port Ann to Crossaig electricity transmission line, after almost three years of construction. Supported on 148 new steel-lattice towers, the new line is designed to be more resilient in extreme weather events, ...
01/05/2024
National Manufacturing Institute Scotland (NMIS) has been announced as a double winner at this year's British Council of Offices (BCO) Regional Awards for Scotland. The project – developed by Morrison Construction on behalf of University of Strathclyde – was successful in the Corporate Workplace ...
01/05/2024
Perth & Kinross Council has announced that a restoration project on Crieff's 130-year-old Murray Fountain will get underway this month, The improvement project, which was announced last year, will see the James Square landmark's masonry repaired and repointed, as well as electrical works to ...
01/05/2024
The Scottish Government has launched a public consultation on proposals to replacing the UK Government's Industrial Injuries Scheme in Scotland. Views are sought on how the Scottish Government's planned Employment Injury Assistance should be delivered and on the next steps for introducing this ...