TENANTS in housing association homes will be offered big discounts in order to buy them, David Cameron will promise today.

The prime minister will pledge to extend the ‘Right to Buy’ policy - already available to people in council-owned homes - to 1.3m housing association tenants.

Unveiling the Tory election manifesto, Mr Cameron will say: “Conservatives have dreamed of building a property-owning democracy for generations and today I can tell you what this generation of Conservatives is going to do.

“1.3 million extra families, a new generation, given the security of a home of their own. So this generation of Conservatives can proudly say it: the dream of a property-owning democracy is alive – and we will fulfil it.”

The move will offer discounts capped at £77,000 outside London, after three years’ residency, a qualifying period to be reduced from five years this summer.

However, the policy is controversial, with the National Housing Federation warning the cost could reach £5.8bn – while failing to tackle the housing shortage crisis.

The organisation quotes research suggesting 60 per cent of the public believe it is unfair to give social housing tenants taxpayers’ cash to buy their homes - while private renters miss not.

Meanwhile, Mr Cameron will also force local authorities to sell off expensive properties –when they become vacant – and build affordable housing instead.

And councils will be able to bid to a Brownfield Regeneration Fund, worth £1bn over five years, to clean up derelict land for housing.

The Conservatives will argue that the fund will allow the construction of 400,000 additional homes over five years.