WITH new statistics showing increases in Scottish house purchase lending, the country’s home building industry has again highlighted the clear impact of the Scottish Government’s Help to Buy shared equity scheme and reiterated its concerns regarding the current funding position which has seen the money for this year run out in just a few months.
Philip Hogg, Chief Executive of industry body Homes for Scotland, said, “The Help to Buy (Scotland) scheme has proved an unqualified success, generating over 4300 sales and reservations since launch, and no doubt making a major contribution to (this week’s) very positive lending figures. Frustratingly, however, given the very clear demand that exists, funding for this year has already run out. This has significantly impacted sales, removing the confidence and certainty builders need to invest in much needed housing development.
“Rather than building on the momentum of last week’s housing figures showing the first increase in supply in six years, looking ahead we fear a move backwards. And for an industry where every new home built supports four jobs, this is a serious concern. It is therefore imperative that the Scottish Government work with the industry to achieve a quick resolution to this budget gap.”