Changes to Help to Buy (Scotland) have been unveiled by Housing Minister Margaret Burgess.

It has been said the amendments will help more people to get onto, or move up, the property ladder.

From next Wednesday (22 October), the shared equity scheme will only apply to homes worth up to £250,000. This is a change to the current maximum value of £400,000.

The change will ensure more people are able to benefit from available funding, as well as help to target funding at lower income families and first-time buyers.

It has been reported that 85% of all Help to Buy (Scotland) sales are already at, or below, the new threshold, with some 94% of sales having involved first-time buyers. This means that most new build houses will not be affected by the changes.


Minister Burgess said: "The Help to Buy (Scotland) scheme has opened up the housing market to thousands of house buyers. By targeting the scheme at properties at or below a value of £250,000, the scheme will support first time buyers and people who otherwise wouldn't be able to afford to buy a new build home.

"The changes will also see the benefits of Help to Buy extended for as long as possible and build on the widely welcomed arrangements for the Land and Buildings Transaction Tax announced by the Finance Secretary last week.

"We will continue to monitor this successful scheme and will look at ways of making sure everyone in Scotland has access to good quality, affordable homes."

Since the launch of Help to Buy (Scotland) in September 2013, more than 3,000 homes have been purchased, with an additional 1,500 expected to be completed by the end of this financial year.

(JP/CD)