An overwhelming public response has led a government department to announce further funding for one of its most popular shared equity schemes.

The Department for Communities and Local Government is set to inject more cash into the MyChoice HomeBuy scheme, after huge demand saw some councils face a shortage of funds.

So far over 11,000 completions and £3.5 million has been spent on Open Market HomeBuy, of which MyChoice is a part.

This week Reading Borough Council announced that money for the initiative was temporarily unavailable and the scheme has had to be postponed in the region while the authority secures more funds.

Helen Adams, managing director of advice service First Rung Now, says shared equity schemes have been so popular because they offer a solution to first-time buyers in tough financial times.

"One of the few opportunities for first-time buyers is the HomeBuy schemes; they are really reliant on them as a way forward," she commented.

Source: Direct News 14/5/09