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Housing

Volume 476: debated on Monday 19 May 2008

To ask the Secretary of State for Communities and Local Government how many homes have been (a) built, (b) placed on sale and (c) sold through (i) Social HomeBuy, (ii) New Build HomeBuy, (iii) Open Market HomeBuy and (iv) the First Time Buyer Initiative in each region in England since 1st April 2006. (204262)

[holding answer 8 May 2008]: The following tables show the homes provided for 2006-08 by region for Social HomeBuy, Open Market HomeBuy, New Build HomeBuy and the First Time Buyers Initiative.

Social HomeBuy

Sold

North-east

9

North-west

38

Yorkshire and the Humber

18

East midlands

5

West midlands

6

East

4

London

103

South-east

22

South-west

2

Total

207

Note:

Social HomeBuy is a demand led product for social tenants to buy their own home. Some participating landlords are offering the scheme widely across their stock. Others are targeting specific estates, locations or local authority areas. We estimate that the pilot scheme which ran from April 2006 to March 2008 and resulted in 207 sales was offered across 5 per cent. of social stock.

Source:

Housing Corporation Investment Management System

Open Market HomeBuy

Sold

North-east

12

North-west

255

Yorkshire and the Humber

128

East midlands

122

West midlands

282

East

732

London

1,615

South-east

1,808

South-west

429

Total

5,383

Note:

Open Market HomeBuy enables purchasers to buy on the Open Market.

Source:

Housing Corporation Investment Management System

Provided1

Placed on sale2

North-east

206

206

North-west

1,629

1,629

Yorkshire and the Humber

696

696

East midlands

2,111

2,111

West midlands

1,990

1,990

East

2,981

2,981

London

8,335

8,335

South-east

5,819

5,819

South-west

2,142

2,142

Total

25,909

25,909

1 This can be both new build and acquisition and refurbishment.

2 Placed on sale means that RSLs have completed the home and the final grant payment has been made. The Corporation's Investment Management System does not have comprehensive information on which properties have been sold by region for each RSL.

Source:

Housing Corporation Investment Management System

First time buyers initiative/London wide initiative

Provided1

Placed on sale2

Sold3

North-east

104

69

24

North-west

359

253

48

Yorkshire and the Humber

116

116

92

East midlands

157

144

0

West midlands

257

189

126

East

237

162

23

London

770

627

240

South-east

529

444

251

South-west

304

304

95

Total

2,741

2,216

827

1 Provided means: contracted i.e. a legal agreement has been completed with a house builder or RSL to deliver a target number of FTBI homes.

2 Placed on sale means: the house builder/RSL and HomeBuy Agent market the homes. There is often a time lag between completion of the legal agreement and marketing because homes cannot be offered for sale if the expected time between exchange of contracts and sale completion is more than 12 months. The majority of FTBI homes are sold “off-plan”.

3 Sold means: First Time Buyer sales completions. This excludes reservations and exchange of contracts. Details of the latter categories can be provided if requested.

Source:

English Partnerships

To ask the Secretary of State for Communities and Local Government what the average equity in (a) percentage and (b) cash terms purchased by a homeowner under the (a) Social Market Homebuy, (b) New Build Homebuy and (c) Open Market Homebuy schemes has been since each such scheme was established. (204576)

The information requested is only available for 2006-07 and is in the following table. For social homebuy and new build homebuy sales, the table shows the average equity purchased by the homeowner.

Average equity purchased by the homeowner in percentage and cash terms, 2006-07

Type of sale

Average equity purchased (Percentage)

Average equity purchased (£)

New Build Homebuy

47

79,446

Social Homebuy

56

120,372

For open market homebuy sales where the purchaser buys 100 per cent. of the property with the help of an equity loan, the following table shows the average equity loan provided to the homeowner.

Average equity loan provided to the homeowner in percentage and cash terms, 2006-07

Type of sale

Average equity loan provided (Percentage)

Average equity loan provided (£)

Open Market Homebuy

22

32,003

Source:

CORE new sales log.