Cameron had previously announced plans to offer 100,000 new homes but has now doubled that pledge ahead of May’s general election.

The homes will be offered with a 20% discount and built on brownfield sites across the country.

Homeowners can now register their interest at www.starter-home.co.uk.

Under the plans first-time buyers using the scheme will not be able to sell the property on for profit within the first five years.

Prime Minister David Cameron said: “Hardworking young people want to plan for the future and enjoy the security of being able to own their own home. I want to help them do just that.

“Under this scheme, first-time buyers will be offered the chance of a 20% discount, unlocking home ownership for a generation.”