The Mayor of London, Boris Johnson, has announced funding for two new schemes to help Londoners into affordable home ownership and accelerate the building of new homes.

The Fund aims to accelerate the delivery of 4,000 new homes between 2015 and 2020 and is being made available on a recoverable basis so that money can be reinvested to provide more opportunities for affordable home seekers.

The Mayor is also giving up to £40 million of loan finance to Gentoo’s Genie for a new innovative housing product where buyers will need no deposit or mortgage to purchase their home and at the end of the agreement customers own 100 per cent of the home outright.

The scheme aims to deliver 2,000 new homes over the next 10 years, helping people who would struggle to get on the property ladder while boosting the building trades.

The Mayor has already made considerable efforts to help Londoners to own their own home with over 50,000 people expected to be helped into home ownership through his First Steps scheme over the course of his two Mayoral terms.

The Mayor of London, Boris Johnson said: “Shared ownership is crucial in helping the unprecedented numbers of people in London desperate for good quality low cost housing.

“Families need larger properties and Erith Park is testament to the number of well-designed affordable three bedroom family homes with gardens that can be delivered with good planning, major regeneration and investment.

“I want the funding announced today to help thousands more Londoners own homes and create more developments like Erith Park delivering excellent affordable properties.”