Homebuyers shun shared equity scheme - papers 26th Feb

The "Open Market Homebuy" launched by the Chancellor in October 2005 set a target to lift 20,000 key workers onto the housing ladder by 2010 through a shared ownership scheme between the government and high street lenders. At its launch three companies were involved - Nationwide and Yorkshire as well as investment bank Morgan Stanley under the Advantage brand – while Halifax is still to enter despite being a partner. In contrast to what are thought to be the actual number of completed mortgages, however, a spokesman for the Communities and Local Government department says the scheme has h...