The Help to Buy (HtB) (Scotland) scheme aims to support people to become homeowners where it is affordable for them over the long term, as well as to stimulate Scotland's house-building industry. Under the scheme, the Scottish Government takes an equity stake of up to 20 per cent when people buy an eligible new build home in Scotland from a home builder who has been approved to participate in the scheme. More details.
Help to Buy (Scotland) funding and monitoring information
The scheme was launched in September 2013 with funding of £220m over three financial years. This was increased in May 2014 to £275m.
The Scottish Government collects information to monitor the fund. An analysis of this information is available in the Monitoring Information Report including number of HtB sales, average Scottish Government HtB equity stake, total value of Scottish Government HtB equity stake and average purchase price. Figures are presented at Scotland and Local Authority level are rounded for ease of presentation.
The analysis is broken down by broader geographic area and local authority. Some small numbers have been suppressed to avoid disclosure. Quarter 3 & 4 (2013-14) have also been combined for this reason. Sales are recorded as at date of entry; this typically occurs some months after an Authority to Proceed has been issued. Figures may not sum to total due to rounding and revisions that have been made to past quarters. The key points at the Scottish level are as follows:
In the 2013/14 financial year, following the launch of the scheme in September 2013, 750 sales were completed through the HtB (Scotland) scheme with a total of £28m of Scottish Government funding.The average Scottish government equity stake was £37K, while the average purchase price of a house bought through the scheme was £188K.
In the financial year 2014/15 (April to March 2015), 3,690 sales were completed through the HtB (Scotland) scheme with a total of £149m of Scottish Government funding.The average Scottish Government equity stake was £40K and the average purchase price was £203K.
In the financial year 2015/16 (April to December 2015), 3,200 sales were completed through the HtB (Scotland) scheme with a total of £118m of Scottish Government funding.The average Scottish Government equity stake was £37K and the average purchase price was £186K.
From the launch of the scheme until December 2015, around 7,720 homeowners have benefitted from total Scottish Government funding of £265m.The average Scottish Government equity stake was £38K and the average purchase price was around £192K.