Teaming up with real estate developer Live Smart Home, furniture giant IKEA has built Britain's first flat-pack village at St. James in Tyne and Wear, northeast of England.

Amazingly, almost all of the 93 timber-framed homes, the price of which range from $180,000 to $320,000, were immediately cornered by first-time buyers.

According to the developers, an added advantage to the buyers who are due to move in to their new abodes next month, will not be facing the usual DIY problems as their new homes have already been assembled for them.

"We won't be selling to property investors. It's for people who haven't been able to get on the property ladder," said a spokesman for IKEA.

For his part, Live Smart boss Alan Prole, remarked, "We are really happy with what we have achieved here."

The furniture king said that with its partnership with Live Smart, they would be able to develop at least 12 more sites across Britain over the next 18 months.