Rents into Mortgages

HC Deb 09 December 1991 vol 200 cc313-4W

Mr. Soley

To ask The Secretary of State for the Environment how many properties have been sold to date under the rents into mortgages pilot schemes in(a) Basildon and (b) Milton Keynes; how many sales are expected in the remainder of the current financial year; and what is the total estimated cost of setting up, promoting and administering the respective pilot schemes.

Sir George Young

In Basildon, 28 sales have so far been completed and a further 53 are currently with solicitors; 67 properties were sold in Milton Keynes before the pilot scheme was concluded in preparation for the bulk transfer of the development corporation's housing stock to new landlords. In addition, a total of more than 100 applicants have decided instead to exercise their right to buy.

The pilot schemes were financed within the existing budgets of the Commission for the New Towns in Basildon and the Milton Keynes development corporation.