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30-somethings helped onto property ladder

A governmental scheme called Expanded Market HomeBuy, which was launched five months ago, has already achieved 236 completed sales. The programme was designed to help people buy low-cost homes, and is principally targeted at 30 to 34-year olds, whom the government has prioritised in its bid to deliver at least 100,000 new affordable property ownerships by 2010. Julie Pearce, from the Department for Communities and Local Government (DCLG), reported on the progress of the HomeBuy scheme at the Capita Low Cost Home Ownership conference on Tuesday. She explained: "The government is committed to creating an equal society. Home ownership is still high on the political agenda."Ms Pearce added: "We are about five months in and have achieved 236 sales so far and sales are growing quite steadily month on month. It is an innovative product and quite complex to market."Four mortgage lenders have teamed up with the DCLG to fund the HomeBuy scheme, which involves a 75 per cent traditional mortgage, with the remainder of the cost made up by equity loans from commercial lenders and the government. Halifax, Nationwide Building Society, Yorkshire Building Society and Advantage have all joined the project.

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