Since 2007, more than 28,000 households have been supported into affordable home ownership through our help to buy scheme.
In our approach to Land and Buildings Transaction Tax, which has replaced Stamp Duty in Scotland, we have prioritised support for first time buyers and those buying homes at the lower end of the market. This year we have further reformed the tax paid when buying a new home so that 80 per cent of first time buyers don’t pay it at all.
During this parliament we have set a target to build at least 50,000 new affordable homes, including 35,000 council or housing association homes. Overall, more than 82,000 affordable homes have been delivered since we came to office, including 55,920 for social rent.
We have also ended Right to Buy to safeguard up to 15,500 existing homes in the social rented sector for future generations.
In addition to our commitment to deliver 50,000 affordable homes during this Parliament, an extra £25 million from the Building Scotland Fund will support the delivery of 3,000 new homes.
We are helping first-time buyers get on the property ladder by lending them a chunk of their deposit. The Scottish Government released £150 million to support first-time house buyers with their deposits. Once buyers have saved 5% of the value of their new home, the Scottish Government will offer loans of up to £25,000 to fund or top up their deposit.