HCA unveils details of shared-ownership scheme

The Homes and Communities Agency (HCA) has announced that it is to invest millions of pounds into its HomeBuy Direct scheme in a bid to boost the housing market, it has been revealed.

In news that could be of interest to those on the search for planning jobs, housing minister Margaret Beckett has reported that the shared-ownership scheme could see over 18,000 new properties be built throughout England.

The initiative will see buyers purchase a home with the HCA and the developer of the house each taking a 15 per cent stake in the property.

Sir Bob Kerslake, chief executive of the HCA, claimed that previous schemes, including the First Time Buyers Initiative, "indicate that there is still strong demand from purchasers for shared equity products".

Overall, the investment stands at more than £400 million.

Earlier this month, the HCA revealed it is currently looking at converting existing low-cost home ownership properties into rent-to-buy housing.