A shared equity scheme is proving extremely popular in Rugby as buyers search for affordable homes there.

Miller Homes reports that its sales advisers have been "rushed off their feet" as househunters investigate the possibilities of buying through a shared equity initiative.

The St Peter's development in the town is offering a range of properties under HomeBuy Direct, meaning buyers only have to find 70 per cent of the purchase price to own 100 per cent of the property.

Linda Androlia, regional sales director for Miller Homes, commented: "The scheme is helping to kick start the housing market and shows that buyer confidence is definitely returning."

She added: "Of course, the success at St Peter's is down to more than just a great offer - it's a fantastic development too."

An additional £80 million was given to HomeBuy Direct in this year's Budget as part of the government's plan to create more affordable properties.
Source:12/08/09