First it was the case of the impotent Mortgage Rescue Scheme, now - it seems - the Government's shared ownership project - MyChoiceHomeBuy - isn't living up to its promise. Estate Agent Today claims to have been receiving emails from estate agents unhappy (understatement) about collapsing chains... chains built on MyChoiceHomeBuy. The scheme was aimed at key worker first-time buyers, and promised up to 50% of purchase price. Except now, there's apparently no cash in the bank...

Spicerhaart’s office in Wisbech, Cambridgeshire, last Thursday reported seven sales falling through in the day after first-time buyers who thought they had been approved for funding were told it was no longer available.

And this looks like an experience common across the country. Do the maths, factor in the chains, and it's a lot of unhappy potential movers, lost revenue for agents, wasted money for movers. Another case of the Government's unique definition of "help"?

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