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Housing: Low Incomes

Volume 475: debated on Monday 12 May 2008

To ask the Secretary of State for Communities and Local Government how many affordable homes were built in the London borough of Bexley in each year since 1997. (204912)

Figures for the number of affordable homes built in the London borough of Bexley are tabulated in the table. The figures include Social Rent and Intermediate Affordable Housing new build; they exclude affordable housing acquisitions.

New build affordable homes in the London borough of Bexley

New affordable homes—New Builds

1997-98

129

1998-99

83

1999-2000

98

2000-01

40

2001-02

6

2002-03

138

2003-04

31

2004-05

62

2005-06

58

2006-07

101

Source:

Registered Social Landlord new build figures from the Housing Corporation, Local Authority new build completions from P2 returns

To ask the Secretary of State for Communities and Local Government what measure of inflation her Department uses in calculations affecting shared equity home ownership schemes sponsored by her Department and its agencies. (204925)

Measures of inflation used in calculations affecting the Government's sponsored shared ownership and shared equity schemes relate to rent and equity loan charges.

Rent paid under the Government’s New Build HomeBuy shared ownership scheme is capped at 3 per cent. of the value of the un-owned equity in the first year, with a target of 2.75 per cent. From the second year, the rent can increase by the Retail Price Index plus 0.5 per cent. This charging arrangement is set out in the shared ownership lease.

The Government’s new shared equity Open Market HomeBuy scheme enables purchasers to buy a property with the help of an equity loan. The loan is required to be repaid on resale of the property or earlier, if the purchaser wishes. The amount which is repaid is based on the market value of the property at the date of repayment or sale. The charges on the equity loan vary depending on which one of two products is chosen by purchasers.