The Government has released new "affordable" homes funding

At the same time the Government has launched an initiative to boost "shared equity" home purchase to get more young people on the housing ladder.

"Shared equity" purchasers buy a stake in a home which is also part owned by a mortgage lender and a social landlord.

The moves are said to benefit people in Beds, Bucks, Cambs, Essex, Herts, Norfolk and Suffolk.

Work is to start soon on the two-year programme of new home building in the eastern counties.

Large increase

The Government has identified large groups of people who earn too much to qualify for housing benefit but too little to afford a mortgage in a region of high property prices.

A taskforce of property and financial experts has been appointed to oversee the new initiatives.

The Housing Corporation's regional director for the central region, Margaret Allen, said she was delighted because the funding is such a large increase over previous estimates for this type of development.

Housing Minister Yvette Cooper said: "These are practical steps to help families get a first foot on the housing ladder.

"Extra investment has been provided in the Budget and one stop shops are opening to give people tailored support.