The Scottish government will spend £195m over the next three years on a shared equity scheme which will help people buy new-build homes.
The scheme will focus on affordable homes, and ministers said that 6,500 eligible homebuyers could receive an equity loan towards the price of a new-build home.
There will also be increased support for small developers, which aims to build on the success of the Small Developers Scheme, which was launched in January.
The Scottish government will work alongside developers and the house building industry to agree the final terms of how the new scheme will operate.
Full details will be announced after the UK’s government’s spending review in November.
JLL in Scotland’s director of residential development land said: “The introduction of new shared equity scheme is a welcome relief after the vacuum left by the end of Help to Buy in Scotland. However, without any further details regarding the eligibility or operation of the scheme, we’re still facing another three months of stagnation.
“Secondly, we question whether the sum of funding – £195m – spread over three years is really enough to satisfy demand. Based on the Scottish Government’s previous Help to Buy budget of £100m for volume housebuilders which only lasted six weeks, we would have to say it’s nowhere near enough.”
