Around 5,000 home buyers in Scotland are to receive £160 million of new funding to help them purchase their own properties.

It is understood the funding will be invested into home ownership schemes in 2016/17.

Over £80m will be put into the Scottish Government's Open Market Shared Equity Scheme (OMSE), helping 2,000 first-time buyers on low to moderate homes.

In addition, the Help-to-Buy: Affordable Home Ownership scheme will assist 3,000 households.

The initiative is backed by an £80m equity support towards the purchase price.

Applications for the three-year £195m Help to Buy scheme will open on 01 March 2016.


Social Justice Secretary Alex Neil said: "I am delighted that we can help 5,000 home buyers into affordable home ownership in the coming financial year, underpinned by £160 million, which is £35 million more than originally planned for this year.

"Importantly, this new funding is specifically targeted to support thousands of low income individuals and families across Scotland get on or up the housing ladder.

"Through Help to Buy, we have already helped 7,500 households buy a new build home and over the next three years our successor Help to Buy Scheme will help another 7,500 as well as boosting the home building industry, and support jobs across Scotland."

Homes for Scotland Chief Executive Nicola Barclay welcomed the announcement.

She said: "As recent research confirms, the majority of Scots aspire to home ownership. The reintroduction of Help to Buy will enable more people to realise their dreams as well as keep the housing market moving.

"Providing builders with the certainty they need to plan their investment and construction programmes is crucial if they are to deliver the homes we need."

(LM/JP)