A shared equity scheme launched by a developer in London has met with unprecedented success.

All 26 of the developer's homes offered to purchasers under HomeBuy Direct in Kennington Park Square have been snapped up since the scheme was launched.

HomeBuy Direct brings more homes within the price range of potential buyers by offering an equity loan of 30 per cent towards the purchase of a new home.

Barratt has a further 163 properties for sale under the initiative in other areas of London, which according to reports are also going fast.

"We have an outstanding track record in delivering affordable homes across London through initiatives like this, as our success with HomeBuy Direct at Kennington Park Square demonstrates," said Alastair Baird, managing director of Barratt London.

The government announced in last month's Budget an £80 million extension to the HomeBuy Direct scheme, which has received interest from over 32,000 people since its launch.

Source: Direct News 12/5/09