"Help to Buy" nearly exhausted, ministers reveal

No more applications will be accepted for the Scottish Government's Help to Buy scheme after 26 May, ministers announced today.

The scheme, which helps people onto the property ladder with the Government taking a part equity stake in the value of a property, is nearly fully subscribed due to a bumper level of sales reservations.

New applications will be accepted up until midnight on Tuesday 26 May, and sales will take place up until February 2016.

However, the Help to Buy (Scotland) Small Developers scheme, with £30m funding, will continue to take applications until further notice.

Over £305m of Scottish Government funding has been allocated to the two schemes, and more than 7,500 sales are expected to be completed by the end of this financial year.

Housing Minister Margaret Burgess said the scheme had give the construction industry "a huge boost".

“Participating builders have been informed that the main Help to Buy scheme is nearly fully subscribed and we are giving seven days’ notice to allow final applications to the scheme", she continued.

“I am pleased sales have far exceeded the industry’s original target of 4,500 and given people across the country the opportunity to buy a new build home which they could not otherwise have afforded.

“We will continue to engage with the house building industry to consider what further support might be required in future.”