View more on these topics

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.”

Recommended

1

RDR CP: Adviser Charging plans set out by FSA

The RDR consultation paper has proposed an end to commission-based advice and has set out rules by which all levels of advisers, except basic advice, decide their own fee-based remuneration through Adviser Charging.

Adviser Fund Index

The surge of retail money which began flowing into corporate bonds towards the end of 2008 shows little sign of going into reverse.

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com