House Purchase

HC Deb 19 January 1978 vol 942 cc350-1W

Mr. Stanley

asked the Secretary of State for the Environment (1) whether he has given approval to any shared equity house purchase schemes other than 50:50; and, if so, whether he will describe the schemes in question and list the local authorities promoting them;

(2) if he will list the local authorities which have introduced, or are planning to introduce, 50:50 schemes for house purchase stating the number of dwellings sold, under construction and planned in each scheme; and whether the mortgages have been provided by the local authority, building societies or by both.

Mr. Freeson

The equity sharing schemes which local authorities are known by my Department to be operating are all akin to the half-and-half mortgage scheme pioneered by Birmingham City Council, though there may be variations in certain particulars between the schemes. The following table shows the number of dwellings involved in completed equity sharing arrangements which local authorities have reported up to the end of December 1977:

Authority	No. of Homes
Birmingham	331
GLC	171
Exeter	70
Gravesham	35
South Tyneside	33
Enfield	32
Bassetlaw	19
Kingston upon Thames	12
Wolverhampton	11
Malvern Hills	10
Wellingborough	4

I do not know the number of dwellings under construction or planned by local authorities for future equity sharing schemes. Local authorities do not report the source of mortgage finance for such schemes, but I believe that most if not all are financed by local authorities.

Mr. Stanley

asked the Secretary of State for the Environment if he will list the ways in which he proposes to make home ownership easier by enabling first-time buyers to purchase initially less than a 100 per cent. equity interest in their homes.

Mr. Freeson

In addition to the schemes undertaken by local authorities, a number of housing associations now offer equity sharing forms of ownership under a pilot programme which my Department is supporting.

This comprises, at present, any schemes approved or under consideration, 20 co-ownership (equity sharing) schemes providing 585 homes and seven leasehold schemes providing 146 homes.

These schemes are supported by Governnment grant.