Working housholds will soon have the chance to buy family-sized homes at cost price under a new housing scheme.

The proposals, developed by Wandsworth Council, would see a typical three-bedroom home costing £400,000 on the open market for just £210,000.

A deposit of just £5,250 would be required leaving a monthly rent payment of £780. 

This would be done by providing the would-be buyers with a repayable interest-free loan which could be up to half the property's full value.

If they could not raise the full amount, they would be offered the chance to rent the property below the market rate so they could save up.

If they were still struggling to save enough, they could buy a share of the property and when they came to sell, the equity loan would be returned to the public purse.

Thirty-five homes would be built on the Patmore Estate, with first refusal for families already renting on the estate and the nearby Savona Estate.

The area is to undergo major redevelopment, with plans for two new Tube stations, 16,000 homes over 20 years and the creation of 25,000 jobs.