Lloyds TSB and Leicestershire County Council are to provide first time buyers with 'affordable mortgages' which it's hoped will free up houses for rent.
More than 400 families are expected to benefit after the council lent the bank £10 million, so they could reduce the deposit required from applicants.
More than 500 first-time buyers in Nottinghamshire could be helped to get a foot on the property ladder thanks to a new mortgage support scheme.
The County Council has set aside fifteen million pounds from its reserves to loan to people struggling to raise a deposit.
The council says the plan will benefit the wider economy.
But critics say it's gambling with taxpayer's money.
Nottinghamshire County Council have pledged £15 million to help first-time buyers get onto the property ladder.
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The number of people wanting to buy or sell their houses in the Midlands has risen at the fastest rate in three years, according to a survey carried out by the Royal Institute of Chartered Surveyors.
Last month, an increase in interest from would-be buyers was reported.
First-time buyers in Leicestershire can apply for mortgages under a new scheme which require as little as a 5% deposit.
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