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Homebuy Scheme

Volume 489: debated on Thursday 19 March 2009

To ask the Secretary of State for Communities and Local Government how many Homebuy homes have been sold on the open market by their first owner in each region in England. (264070)

Information on the number of homes subsequently sold on the open market by the first owner under the three HomeBuy products (New Build, Open Market and Social HomeBuy) is not held centrally.

Subsequent sales information will be collected for New Build HomeBuy (shared ownership) homes which have been allocated funding through the Homes and Communities Agency National Affordable Housing Programme from April 2008.

New Build and Social HomeBuy homes may only be sold on the open market if the landlord is unable to nominate the next purchaser from their waiting list. Where New Build and Social HomeBuy purchasers own 100 per cent. of their home, the landlord has the first option to buy back the home on resale.

Open Market HomeBuy purchasers select their property on the open market and may resell on the same basis but are required to repay their equity loan before doing so. If purchasers wish they may redeem their equity loan at any time when they can afford to do so and continue to live in the property.

Information on the total number of equity loan redemptions (both full and partial) and shared owners increasing their equity share in the last three years is set out in the table. Resales of the properties are not identified separately and redemptions are not broken down by region.

Number ofopen market HomeBuy equity loan redemptions