Our new HomeBuy scheme offers three products based on equity sharing. Social HomeBuy enables tenants of local authorities and housing associations to buy a share in their current home at a discount, New Build HomeBuy enables people to buy a share of a newly built property paying a rent on the remainder, (including the First Time Buyers Initiative, which uses public sector land) and Open Market HomeBuy enables people to buy a property on the open market with the help of an equity loan.
Priority groups for our HomeBuy products are social tenants, key workers as defined under the Key Worker Living Programme and other first time buyers nominated by the Regional Housing Boards. We aim to help 35,000 people into homeownership through our HomeBuy programme over the next two years with increased investment of £970 million through the Housing Corporation's Affordable Housing Programme.
The average grant rate for Open Market HomeBuy and New Build HomeBuy products in the Corporation's 06-08 programme at the time of allocation was £26,828.
Between 1999 and 2005 Low Cost Home Ownership assistance enabled 40,000 people to buy their own home. In 2005-06 the average household income of those purchasing homes under our equity loan and shared ownership schemes, on which our new HomeBuy products are based, was £30,000 and £26,000 respectively.