Social HomeBuy is a voluntary scheme, launched in April 2006, which enables tenants of participating local authorities and housing associations to buy a minimum 25 per cent. share in their rented home at discount. The scheme has been operating as a two year pilot until March 2008. The following table shows the number of sales in each month under the pilot scheme since its commencement.
The 176 sales up to the end of February 2008 have arisen from about 20 of the initial participating landlords, most of whom joined the pilot in late 2006. Since April 2007 a second phase of landlords has joined the scheme and now 77 housing associations and 10 local authorities are offering Social HomeBuy to their tenants. As with normal home purchases, Social HomeBuy transactions can take several months to reach completion.
2006-07 2007-08 April — — May — 2 June — 5 July — 10 August — 13 September — 15 October — 22 November — 9 December — 16 January — 17 February 18 20 March 29 —
Social HomeBuy is just one of a range of products which help social tenants into home ownership. Since 1997 the Government have helped over 95,000 households (including social tenants, key workers and other first time buyers) on to the housing ladder through both shared ownership and shared equity schemes.