By politics.co.uk staff

David Cameron and Nick Clegg will launch their much-vaunted house building scheme with a July timetable for work to start on thousands of new buildings.

Launching their new housing strategy this morning, government officials said the planned £400 million fund could see work start in months by targeting ready-to-go projects.

"By the time we came to office, house building rates had reached lows not seen in peace-time since the 1920s," the two men wrote in the foreword of the report.

"The economic and social consequences of this failure have affected millions: costing jobs; forcing growing families to live in cramped conditions; leaving young people without much hope that they will ever own a home of their own."

Downing Street hopes that the fund will give local builders work opportunities while simultaneously offering young families affordable housing – a plan Mr Cameron and Mr Clegg presented as ambitious but achievable.

Government sources claim the 'Get Britain Building' fund could see 16,000 homes built, 3,200 of which would be affordable under planning obligations, and support up to 32,000 jobs.

The Department for Communities and Local Government expects to issue a prospectus for the first round of bids by the end of the year.

Developers will be expected to compete for the funds to ensure taxpayer cash is invested in projects that will deliver the best value for money.