§ Mr. John Morrisasked the Secretary of State for the Environment when the home purchase scheme for primarily first time buyers was first set up; what were the financial limits then; and if he has any proposed plans to upgrade the amounts.
§ Sir George YoungThe home purchase assistances scheme was set up in 1978. It offers first-time purchasers a loan of £600, free of interest and repayment of principal for up to five years, and a cash bonus of up to £110. These benefits are available to first-time buyers who have saved under the scheme for two years and who buy a property below the house price limit for their area. Separate house price limits are set for each of the English regions, Scotland and Wales. They are regularly reviewed and increased so that two thirds of first-time purchasers qualify. We have no plans at present to alter the benefits available.