English Partnerships have announced that they will develop 700 new homes specifically for the first time buyer market, using it's specialised first time buyer initiative.

The news homes will be spread over a total of 18 new housing developments, as part of an overall development plan to produce a total of 1500 new first time buyer homes by the end of the decade.

The homes will be made available via the governments Home Buy scheme, the properties will be built in partnership with Barrats, George Wimpy and Bellway Homes.

At a price per share of 700p the cash deal represents an approximate discount of 10.3%, with the closing price on shares being 780p on January 25th 2007.

JS Real Estate directors are expected to recommend the buy out unanimously to their shareholders believing that it will be in their best interest to let the deal proceed. Stephen Mulliner, the chairman of JS Real Estate said: “The acquisition of JS is in-line with Warner Estate’s strategy to increase the quantum of our property assets under management.”