The Scottish Government will invest £195 million over the next three years on a new shared equity scheme that will see the building of thousands of new homes.
The successor to the existing Help to Buy (Scotland) scheme will focus on affordable homes, with eligible buyers receiving an equity loan towards the purchase price of a new-build home.
Social Justice Secretary Alex Neil said: “This considerable investment means that through Help to Buy and its successor, the Scottish Government will have invested around half a billion pounds over six years, providing the private sector and construction industry with a huge boost.”
The Scottish Government will work with the house-building industry and lenders to agree on how the new scheme will operate. Further details will be announced following the UK Government’s spending review in November.
Regeneration firm Urban Union Ltd, a joint venture between construction firms McTaggart Construction and Robertson Group (Holdings), has been appointed by the City of Edinburgh Council to build more than 700 affordable and private homes in Pennywell.
Graeme Nicol, Managing Director, Urban Union Ltd said: “We welcome the news that Help to Buy is continuing through a new shared equity scheme.
“Help to Buy has been incredibly popular – the majority of buyers at our developments at Pennywell in Edinburgh and Laurieston in Glasgow received funding through this scheme.
“Urban Union is committed to delivering affordable homes and the continuation of support, focusing on the affordable housing market, is a much needed and welcome boost for people who need it most.”
City of Edinburgh Council Housing Leader, Councillor Cammy Day, said: “I welcome the Scottish Government’s commitment to help more people buy affordable, energy efficient homes.
“Increasing housing costs in Edinburgh have priced many people out of the private ownership market, making it impossible for them to get on the property ladder.
“I hope that today’s announcement means more people in Edinburgh will benefit from the Help to Buy scheme and also means that we will be able to take forward more projects like Pennywell, which has played a vital role in regeneration of the local area.”









