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HomeBuy scheme falters as MyChoice cash runs out

Government figures reveal the number of homes purchased under HomeBuy initiatives fell by more than 1,150 per cent between March and April this year as funding for the MyChoice HomeBuy scheme dries up.

Speaking in the House of Commons on Friday, Conservative Shadow minister for housing Grant Shapps asked minister of state for communities and local government John Healey how many homes have been bought under the various Government shared-ownership initiatives over recent months.

The combined total number of homes purchased under all the schemes, excluding HomeBuy Direct which was not inc- luded in the figures, plunged by 83 per cent from 4,883 in March to 423 in April.

All the 2009/10 funding for MyChoice HomeBuy, the shared equity scheme that allowed borrowers to use a mortgage from the open market, is now said to have been allocated, with no further commitments being made at present. MyChoice HomeBuy purchases fell 73 per cent from 520 in March to 141 in April.

John Charcol senior technical manager Ray Boulger says: “The decline in homes purchased fits in with the fact that the Government has run out of money for these schemes.”

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