The Homes and Communities Agency has handed out almost £180 million to developers through the FirstBuy shared equity scheme announced in the Budget.
More than 100 housebuilders and housing associations have been allocated funding towards selling almost 10,500 homes.
FirstBuy sees an equity loan of up to 20 per cent of a home’s value jointly funded by the HCA and the housebuilder, meaning the buyer needs less of a loan from a mortgage lender.
It is anticipated that the first new homes will be available for sale in September.
Pat Ritchie, chief executive of the HCA, said: “Thanks to FirstBuy nearly 10,500 first time buyers will be able to realise the dream of owning their home, while house builders will benefit from an additional source of sales.
“We had an excellent response from our partners – including smaller local builders – and have been able to allocate funding that gives first time buyers the assistance they need while delivering real value for the taxpayer.
“When the homes are resold by the initial purchaser in the future, and the loan is repaid, the return can be available for reinvestment in more new affordable homes.”
A full list of successful bidders and their allocations is available to download from the HCA website.