The Scottish government will invest an additional £2.5 million into the New Supply Shared Equity with Developers scheme, housing minister Alex Neil has revealed.
The initiative, designed to support house builders and help first time buyers, was trialled in 2010 to assist around 100 people on low incomes buy new shared equity homes.
The government has now pledged to pump another £2.5m into the fund and has called on developers to submit fresh bids.
Buyers will pay 60-80 per cent of the purchase price with the remainder of the cost split equally between the Scottish Government and the developer.
Housing and Communities minister Alex Neil said: “Key players from Scotland’s house-building industry embraced this new scheme when it was piloted last year. That is why the Scottish Government is building on the success of the trial scheme by doubling the funding from £2.5m to £5m.
“We will continue to work with the housing industry to develop innovative ideas that will accelerate economic recovery, increase choice and opportunities for those looking for a home and support Scotland’s house-building industry.”