The average price of property purchased through Own Home is £175,000.
This information is not held centrally. However, there is no interest to pay on the loan for the first three years following purchase.
The First Time Buyers Initiative programme is funded through a government-only equity loan. The maximum level of investment under the programme will be £250 million. To date, around £137 million of the total budget has been committed. The investment phase of the programme will end in March 2010. The final level of investment will be dependent on the number of purchasers that buy a home on one of the programme's designated new build schemes.
The Government have provided £33.8 million for OwnHome in 2008-09. This was augmented with funding from Places for People. Over the three years 2008-11, we are investing over £8 billion in affordable housing through the Homes and Communities Agency (HCA). We have not allocated specific funds for OwnHome for each of the next two years to allow full flexibility within the Affordable Housing Programme operated by the HCA. Future levels of funds beyond 2010-11 will be dependent upon the next spending review.