The conservatives have announced that if they are voted in at the next general election in May, people under 40 will be able to buy their first homes for 20 per cent less than market value.
Prime Minister David Cameron revealed the plan ahead of the Conservatives' annual party conference starting tomorrow. He said 100,000 new homes would be built especially for this purpose, and that the brownfield land for the development has already been identified.
He added that the new houses would be exempt from a number of taxes, such as the community infrastructure levy and the requirement for social housing to be built as part of any development.
The move would help more young "achieve the dream" of owning their own home, Cameron said. "I don't want to see young people locked out of home ownership.
"We've already started to tackle the problem with Help to Buy mortgages - and these new plans will help tens of thousands more people to buy their first home."
But unlike the government's Help to Buy scheme, which applies across the UK, the new rule would only apply in England.