§ Mr. Heddleasked the Secretary of State for the Environment whether he plans to extend the opportunities for shared ownership purchase through housing associations.
§ Mr. StanleyWith the chairman of the Housing Corporation and the chairman of the National Federation of Housing Associations I have today launched a new form of shared ownership scheme called 'Do-it-Yourself'. Funds have been made available to the corporation in 1982–83 and 1983–84 for an initial programme of 3,000 dwellings.
The scheme will make it possible for the first time for people who want to move to a given area and who are unable to buy outright to take the initiative themselves in arranging the purchase of a house or flat on a shared ownership basis, They will be able to seek out for themselves either a newly-built or second-hand dwelling which they can buy on a shared ownership basis providing they can afford to purchase not less than 25 per cent. of the equity initially. The maximum cost limits or dwellings that can be purchased under this scheme are £40,000 in Greater London, £35,000 in the home counties, and £30,000 elsewhere. The balance of the equity will be held by housing associations, one of which will be designated for each area in England as the body through which purchases under this scheme are to be made. All purchasers will be able to buy the balance of the equity in their homes as they wish subsequently.
Individuals requiring details of the Do-it-Yourself Shared Ownership scheme should write to the appropriate regional office of the Housing Corporation or to the corporation headquarters at 149 Tottenham Court Road, London W1P 0BN. I am also placing copies of these details in the Library. My right hon. Friend the Secretary of State for Wales is introducing a similar scheme for Wales.