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Rents To Mortgages

Volume 181: debated on Friday 30 November 1990

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To ask the Secretary of State for the Environment what level of interest tenants in Basildon have shown in the proposal for a rents-to-mortgages scheme; and whether he has any plans to extend it to other new towns.

I have been delighted by the initial response to the pilot scheme in Basildon. Over 900 inquiries from tenants have been received by the New Towns Commission since the announcement of details of the scheme on 23 October. It is now proposed to extend the pilot scheme to Milton Keynes.Milton Keynes development corporation is in the process of winding up, and is making arrangements to transfer its stock to other landlords. Discussions will therefore begin immediately with Milton Keynes development corporation and the three principal housing associations involved in preparations for the forthcoming ballot on the transfer of the corporation's stock. These are Aldwyck housing association, Jephson Homes housing association and Milton Keynes housing association.