Today the Prime Minister and Deputy Prime Minister announced an ambitious new strategy to tackle the housing shortage, boost the economy, create jobs and give people the opportunity to get on the housing ladder.
The strategy will break the current cycle in which lenders won't lend, builders can't build and buyers can't buy.
We'll be making it easier for people to secure mortgages on new homes, help people get on the property ladder, address unfairness in social housing and ensure homes that have been left empty for years are lived in once again.
At the heart of the strategy is a new build indemnity scheme that will give a helping hand for up to 100,000 prospective buyers who are currently frozen out of the housing market because of the need for large deposits.
Under the proposals, homebuyers will be able to secure loans on newly built homes - the bedrock of the first time buyer market - with only a five per cent deposit.
The Government and housebuilders will help provide security for the loan, so if the house is then sold for less than the outstanding mortgage total the lender will be able to recover its loss.
Through the scheme, lenders will be encouraged to offer mortgages with smaller deposits, increasing demand for new homes and giving a welcome boost to the housing market.
The Government will also consult shortly on proposals to increase discounts under the Right to Buy, giving social tenants the opportunity to buy the homes they live in. The discount will be improved dramatically and will be up to half the value of the home, making home ownership ever more achievable.
For the first time, the receipts from additional Right to Buy sales will be used to support the funding of new affordable homes for rent on a 'one for one' basis, which is expected to deliver up to 100,000 new homes and support 200,000 jobs.
David Cameron said: "It's not just about the economy, it's also about people's hopes and dreams.
"You always remember that moment, if you've done it, when you get that key and you walk into your first flat, it's a magic moment.
"It's a moment I want everyone in this country to have, not just better-off people.
"The dream of home ownership is something that should be achievable for everyone.
"Those that do the right thing and work hard, we want to do right by."
For further information please visit the Department of Communities and Local Government website.