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Homeowners' Support Fund for Scotland

Thursday, 26 June 2008 12:00 AM

The Scottish government has unveiled its latest initiative to assist buyers who have been unable maintain their place on the property ladder following the global liquidity crisis.

The Homeowners' Support Fund (HSF) was detailed by deputy first minister Nicola Sturgeon, and is designed to assist those who are facing financial difficulty and the threat of repossession.

The value of the scheme is thought to be in the region of £25 million. In addition the Scottish administration also confirmed a £250 million expansion to its shared equity scheme.

While the HSF will help established homeowners, the shared equity schemes - which include Homestake - are designed to assist first-time buyers take their first steps into the market.

Welcoming the announcement the Council of Mortgage Lender's (CML) Scottish policy consultant, Kennedy Foster, said: "The creation of the HSF is a welcome move and will reinforce the steps lenders are taking to support borrowers in difficulty.

"We look forward to consulting with the Scottish government on this fund and fully support calls for the UK government to reform Income Support for Mortgage Interest.

"We hope that these moves will encourage ministers down in Westminster to stop dragging their heels on reforms to the state safety net, which are urgently needed to help those borrowers who encounter a severe change in their financial circumstances."

Property prices in Scotland have not seen the sharp correction witnessed across the majority of the UK in recent months.

According to research from Nationwide house prices growth remained at 6.3 per cent over the year to April, while in the UK as a whole it was just 2.2 per cent.

The same report also shows the average property in Scotland cost some £149,834, while in the UK as a whole it was £179,363.

Ms Sturgeon also confirmed plans to end right to buy on new social housing.

"We recognise the significant effort and sacrifice that people have made to buy their own home, and although the credit crunch will not deflect us from the long-term goal of increasing the supply of new housing, we cannot ignore its impact."

Plans were also unveiled to increase the rate of new-build construction to 35,000 properties annually by the middle of the next decade in a wide ranging speech.

Chris O'Toole

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