The following table shows outturn expenditure through the Housing Corporation's Affordable Housing programme for each homebuy scheme for each year since the schemes were introduced. As new build homebuy is comparable to the Shared Ownership programme we have also provided these figures back to 1997-98. New build homebuy and social homebuy were only introduced from 2006-07.
Shared ownership Homebuy new build Open market homebuy Social homebuy 1997-98 62.0 n/a 0.0 n/a 1998-99 49.5 n/a 0.0 n/a 1999-2000 49.0 n/a 19.9 n/a 2000-01 60.2 n/a 35.3 n/a 2001-02 51.2 n/a 36.7 n/a 2002-03 75.7 n/a 108.6 n/a 2003-04 227.5 n/a 266.1 n/a 2004-05 247.6 n/a 213.7 n/a 2005-06 225.8 n/a 314.3 n/a 2006-07 111.9 208.1 91.3 0.5 2007-08 49.2 267.5 83.9 1.9 Source: Housing Corporation
We do not set budgets for individual low cost home ownership products which fall within the Housing Corporation's Affordable Housing programme.
We remain committed to the delivery of affordable housing. We are investing over £8 billion in affordable housing over the three years, 2008-11. This investment is being made initially through the Housing Corporation and then the new Homes and Communities Agency.
Our aspiration is to reach 70,000 new affordable homes a year by 2010-11.
On 2 September we announced a £1 billion housing market package to increase confidence, stability and fairness in the housing market, building on the previous announcements in May and July. These measures include bringing forward £400 million in order to deliver up to 5,500 new social homes over the next 18 months on top of current assumptions and offering up to 10,000 first-time buyers currently frozen out of the mortgage market the chance to get onto the property ladder through a new shared equity scheme, Homebuy Direct which is being offered in partnership with house builders.
As part of this package we will be supporting up to 6,000 of the most vulnerable homeowners facing repossession to remain in their home through a mortgage rescue scheme of £200 million.