Labour will build the homes first time buyers need
Labour is today setting out our plans to revive the dream of home ownership for millions of families and put first time buyers first.
Ed Miliband will announce plans to unlock £5 billion of investment in a Future Homes Fund. That will be enough to build 125,000 homes over the course of the next parliament. The money will come from requiring banks and building societies to invest money saved in Help to Buy ISAs in house building, because building homes is the only way to help the next generation of first time buyers. Local first time buyers will get priority access to the homes built.
Labour’s comprehensive housing plan – the first for a generation – is a foundation stone for building a country where working people can succeed. We will:
- Get 200,000 homes built a year, backed a Housing Investment Fund of over £5 billion for investment in new homes
- Build hundreds of thousands of new homes in Housing Growth Areas, new sites where local first time buyers will have priority over new homes
- Reform the private rented sector so those that are locked out aren’t ripped off with 3 year tenancies, a ceiling on excessive rent rises and a ban on letting agents fees.
David Cameron’s failing plan has seen the Tories presiding over the lowest rate of house building since the 1920s and the lowest level of home ownership for 30 years which has left millions of families priced out of a market where the typical price of a property is now eight times average wages
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