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Home Ownership Incentive Schemes

Volume 490: debated on Monday 23 March 2009

To ask the Secretary of State for Communities and Local Government what the average price of a property purchased through the Own Home scheme has been since the initiative began. (265005)

To ask the Secretary of State for Communities and Local Government what the average monthly interest charged by First Time Buyers Initiative (a) funders and (b) providers has been since the scheme began. (265009)

This information is not held centrally. However, there is no interest to pay on the loan for the first three years following purchase.

To ask the Secretary of State for Communities and Local Government how much (a) the Government and (b) its partners have provided for the First-Time Buyers Initiative; and how much will be provided in each of the next three years. (265013)

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.

To ask the Secretary of State for Communities and Local Government how much (a) the Government and (b) its partners have provided for the OwnHome scheme; and how much will be provided in each of the next three years. (265018)

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.