The Government will put £93m into kick starting five stalled London regeneration developments over the next year.

The Homes and Communities Agency will put the money into the Aylesbury Estate in Southwark, the Heart of Greenwich scheme in east Greenwich, St Andrew’s hospital in Tower Hamlets, Woodberry Down in Hackney and a site on Holloway Road to sell homes to key workers through the agency’s London Wide Initiative. The funding is part of a £135m package for the capital which could provide 7,500 homes, half of which will be affordable.

Mayor, Boris Johnson, also announced a new scheme, First Steps, to help first-time buyers. London & Quadrant’s UpToYou scheme, which is part of the initiative, allows people to rent their homes for up to 80% of the market rate and choose whether to buy later. A pilot of the scheme will provide 500 homes initially but could help 900 more to be built.