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Homebuy Loans

Volume 400: debated on Monday 3 March 2003

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To ask the Deputy Prime Minister how many homebuy loans were made in each local authority in London in each year since the scheme's introduction. [99172]

Tabled as follows is the breakdown of homebuy loans that have been made in each local authority area in London since the scheme was first introduced on 1 April 1999.

Loans
Sponsoring authority1999–20002000–012001–022002–031
Barking and Dagenham618152
Barnet1220188
Bexley0058
Brent21342928
Bromley8211614
Camden9121712
Croydon15171510
Ealing932186
Enfield8181111
Greenwich0192916
Hackney19391732
Hammersmith and Fulham27311715
Haringey19322622
Harrow41182
Havering07107
Hillingdon725165
Hounslow1127106
Islington1413139
Kensington and Chelsea14500
Kingston upon Thames6365
Lambeth20161717
Lewisham22231319
Merton68134
Newham574208
Redbridge09017
Richmond upon Thames10661
Southwark19191522
Button1782
Tower Hamlets3217216

Loans

Sponsoring authority

1999–2000

2000–01

2001–02

2002–03

1

Waltham Forest1723119
Wandsworth3359506
Westminster31363315
City of London1258

1To 31 January

To ask the Deputy Prime Minister how many homebuy loans were made to (a) those in social housing, (b) those on housing waiting/transfer lists and (c) key workers in London in each year since the scheme's introduction. [99173]

A total of 2,529 people were helped into home ownership using the homebuy scheme during the first three years of its operation. The following table shows the breakdown between those from rented properties and those from the waiting list where available.

1999–20002000–012001–02
On the waiting list177343346
In social housing355569519
Not available394584449
Total9261,4961,314
To be eligible for a homebuy loan, a potential purchaser must either be currently in social housing, or be on the housing waiting list and be recommended by the local authority as being in housing need.Information on the number of homebuy loans made to key workers is not collected. The starter home initiative is helping key workers into home ownership through equity loans based on the homebuy model and shared ownership schemes. To the end of January 2003 around 1,000 key workers in London had purchased homes with Starter Home Initiative assistance.

To ask the Deputy Prime Minister what assessment he has made of introducing (a) low tranche (below 25 per cent.) shared ownership schemes and (b) lower tranche (below 75 per cent.) homebuy schemes. [99176]

As announced by my right hon. Friend the Deputy Prime Minister on 5 February and published in "Sustainable Communities: building for the future", the Housing Corporation has agreed to lead a task force which will look at existing programmes that support sustainable home ownership. This will include both the shared ownership and homebuy schemes. The task force will examine the scope for better targeting and design of the current home ownership initiatives to ensure they are cost effective and that the home ownership is sustainable.