The Secretary of State may make advances to recognised lending institutions enabling them to provide assistance to first-time purchasers of house property in Great Britain where—
the purchaser intends to make his home in the property,
finance for the purchase of the property (and improvements, if any) is obtained by means of a secured loan from the lending institution, and
the purchase price is within the prescribed limits.
In this section "prescribed" means prescribed by order of the Secretary of State.
An order—
may prescribe different limits for properties in different areas, and
shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.