First-time buyer fund runs dry

A surge in demand caused by the credit crisis has meant that a £200 million government scheme to help first-time buyers on to the housing ladder has fully allocated its cash for the financial year. The Open Market HomeBuy scheme which offered loans to first-time buyers to buy on the open market was completely allocated for 2008/09, but a spokesperson from the Homes and Communities Agency confirmed that more money would be available for 2009/10 in April, and those on waiting lists would be informed.