Labour has promised to build 100,000 affordable homes for first-time buyers as part of its long-term plan to fix the housing crisis if it is elected.
The party has released more detail on its plans to fix the broken housing market following the launch of its manifesto last month.
Its “New Deal on Housing” promises to give priority to those “let down most by failings in the housing market”.
The plan includes 100,000 new discounted FirstBuy Homes, a two-year stamp duty holiday for first-time buyer, and an extension and re-focusing of Help to Buy so that it is only for first-time buyers.
Labour said it would instigate the biggest council housing programme in over 30 years and improve rights for renters with three-year tenancies with an inflation cap on rent rises and new minimum property standards.
Jeremy Corbyn, leader of the Labour Party, said: “A Labour government will start on fixing the housing crisis immediately. High prices, excessive rents and the chronic lack of affordable housing are ruining the lives of young people, families and aspiring homeowners.
“As part of our massive housebuilding commitment, Labour will ensure 100,000 FirstBuy Homes are available at discounted rates to local first time buyers. This will transform the housing market and put the needs of younger house buyers and local workers first.
John Healey, Labour’s shadow secretary of state for housing, said: “Our first Labour housing priority will be help for young first-time buyers. Under the last Labour government, a million more families became home-owners but now the Tories are failing first-time buyers on middle incomes. Under the Conservatives since 2010 homeownership has fallen by 200,000 with younger families on ordinary incomes the hardest hit.
“Labour’s new FirstBuy Homes will give aspiring first-time buyers on ordinary wages who’ve been failed for the last seven years hope that things can change.
“After seven years of failure, a Labour government will shift the housing market decisively towards first-time buyers on ordinary incomes.”
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