Bellway has said the Scottish government’s MI New Home scheme has the potential to be as successful as the NewBuy programme south of the border.

The announcement came as the housebuilder reports a "steady improvement" in home sales in Scotland.

Bellway has been reaping the rewards of sites in southern England in recent months, but says it has high hopes for Scotland as it begins bringing in sites in towns including Motherwell, Dalkeith and East Kilbride.

The group said in a trading update for the 18 weeks to November 30: "Market conditions remain largely unchanged, however, customers' ability to access higher loan to value mortgage finance has improved slightly compared to the same period last year."

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Bellway is participating in the Scottish Government's MI New Home Scheme, which was launched in October following the launch of the NewBuy mortgage indemnity scheme south of the Border.

Bellway says it has already received reservations via MI New Home and hopes to match its success with NewBuy once the selling season restarts in spring.

One in 10 of the firm’s sales in the 18-week period has been through the NewBuy scheme.

UK-wide, Bellway says its reservations have risen to an average of 100 per week, up 6% on the same period last year.

The number of sites it is operating has risen to 213, a increase on 205 a year ago.

It is currently selling more family homes than inner city flats and its average selling price has risen 4% to £195,800 as a result.

(IT)