Homebuy Loans

Deputy Prime Minister written question – answered on 4th February 2004.

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Photo of Ms Oona King Ms Oona King Labour, Bethnal Green and Bow

To ask the Deputy Prime Minister how many Homebuy loans were made to (a) those in social housing, (b) those on housing waiting lists and (c) key workers in London in 2002–03.

Photo of Keith Hill Keith Hill Minister of State (Housing and Planning), Office of the Deputy Prime Minister

A total of 332 Homebuy loans, funded by social housing grant, were approved for property purchases during 2002–03.

A Housing Corporation survey, "CORE Sales", identified 242 of sales on Homebuy terms carried out in London during 2002–03. Of these:

(a) 88 per cent. were to households in social housing;

(b) a further 11 per cent. were to households who were not in social housing but who were on a local authority waiting list or common housing register.

(c) The Housing Corporation's investment system shows that there were eight Homebuy loans to key workers in London approved during 2002–03.

It should be noted that a further 1,400 key workers in London were assisted under the Starter Home Initiative in 2002–03—many of whom received equity loans similar to the Homebuy model.

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