The first homes to be built under the First Time Buyers' Initiative, which allows houses to be bought for half their market value, were unveiled today as the government seeks to address the chronic deficit in supply in the UK housing market.
Over 700 homes at 18 sites across the country have been chosen to be part of the initiative, which sees the government pay half the cost of houses in areas where affordability is at its worst.
Yesterday Nationwide announced that house prices rose 0.3 per cent this month, amounting to 9.3 per cent annually, meaning that the average UK home now costs in excess of £170,000.
Duncan Innes, the English Partnerships' director responsible for delivering the First Time Buyers' Initiative, said: "These new affordable homes will provide a real opportunity for first time buyers in many communities across England, where they are needed most."
Meanwhile, housing minister Yvette Cooper added: "With rising house prices, many first time buyers are struggling to get a first foot onto the ladder.
"Just because families can't afford the full house price doesn't mean they shouldn't have the chance to get started and buy a share in the first home of their own."
The first people to be eligible for the scheme are nurses, teachers and police officers.
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