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The government has unveiled its new housing strategy which aims to kick-start the market and "get Britain building again".
The plans includes a new £400 million 'Get Britain Building Fund' which aims to re-start stalled projects which have been put on hold due to a lack of finance.
Beginning in July 2012, the new project aims to result in the creation of 16,000 new homes and 32,000 jobs.
Overall, it is hoped that 450,000 homes will be built by 2015, although the government is yet to set any specific targets.
Another key part of the strategy is the mortgage indemnity scheme, which will allow first-time buyers the chance to borrow up to 95 per cent of the value of their new home. David Cameron also backed plans for up to 60 per cent discounts on council homes as part of a revamped right-to-buy scheme.
Addressing the CBI's annual conference in London, Mr Cameron claimed that the main aim of the project was to get more people on the housing ladder.
"When first-time buyers on a good salary cannot get a reasonable mortgage, the whole market grinds to a halt. That ricochets around the economy, affecting builders, retailers, plumbers - all the people that depend on a housing market that is moving," he said.
"We will restart the housing market and get Britain building again."
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