On 14 May we announced three initiatives. The first is a £100 million expansion of the open market homebuy scheme, available for new build homes only. In 2008-09 this will enable 2,500 more first time buyers to purchase a new build home of their choice on the open market under our shared equity scheme.
The second is that the Housing Corporation will be spending up to £200 million in 2008-09 on funding RSLs to purchase unsold new build stock from developers, either for social rent, or for sale to first time buyers through our homebuy low cost home ownership scheme.
Finally, we have expanded the eligibility criteria so that all first time buyers with a household income under £60,000, who could not otherwise afford to buy, will be eligible for all our homebuy products.
The report was published on 12 June 2008 in electronic format only at:
The total cost of the research was £160,877.40. This comprised a contract for £157,734.25 with the University of Birmingham to conduct the research and £3,143.12 typesetting and publication preparation costs.