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Homebuy Scheme

Volume 474: debated on Tuesday 1 April 2008

To ask the Secretary of State for Communities and Local Government how many homes have been sold or part-sold under Social Homebuy in each month since the commencement of the scheme. (191667)

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.