The Scottish Government has revealed the Help to Buy (Scotland) scheme is being extended beyond 2019.

A further £100 million will be invested from April 2019 until 2021, helping up to 4,000 buyers to purchase a new home.

The Help to Buy initiative is open to first time buyers and existing homeowners. It provides up to 15% of the purchase price of a new build home, with the maximum purchase price set at £200,000.

Speaking during a visit to Calderwood Village, Coatbridge, Housing Minister Kevin Stewart said: "Since we introduced Help to Buy, the scheme has not only helped thousands of buyers into new homes - it has supported around 9,000 jobs.

"A third of the annual £50 million budget – £18 million – will be reserved for sales from SME builders, who were particularly affected by the drop in development finance after the financial crisis.

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"We know house builders still see Scotland as a place to continue to develop and invest, with the latest figures showing new house completions grew by 5% over the last year.

"Housing is about more than bricks and mortar – we want to provide safe, warm homes, help create a fairer Scotland, and preserve a diverse and more resilient construction sector."

Nicola Barclay, Chief Executive of trade body Homes for Scotland, welcomed the announcement.

"With most Scots wanting to own their own home and the scheme proven to increase build rates, this is a very welcome announcement," she said.

"It clearly demonstrates that the Scottish Government supports the aspiration of home ownership and recognises the real challenge that continues to face prospective buyers in terms of the size of deposit they require to achieve this goal.

"This additional funding will provide our member companies with the certainty that they need to invest in and open up new sites and expand the number of homes available to new purchasers.

"Crucially, just as the scheme's extension will ensure even more people can buy a home, it will also ease pressure in other parts of the housing market as people move into home ownership from socially rented homes and come off council house waiting lists."

(LM)