Homebuy schemes falling short

Fewer than 9,000 homes have been sold to key workers through the Government's New Build HomeBuy and Open Market Homebuy schemes, figures obtained by the Conservatives show.

A parliamentary written answer by housing minister John Healey revealed the schemes to be so far well short of a government target to help 30,000 key workers purchase homes by 2010.

Open Market HomeBuy, now closed to new applicants, allowed buyers to fund home purchases through a combination of a standard mortgage and a loan - totalling up to 50 per cent of the value of the property - at low, or no, interest.

New Build HomeBuy allows purchasers to buy as little as 25 per cent equity in their home and add additional shares as they are able.

The key worker figures show that New Build Homebuy was used to sell 2,704 homes to key workers between April 2006 and March 2009. Open Market HomeBuy was used to sell 5,412 homes to key workers in that period.


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