Prescott also promised to limit the right of council tenants to buy their homes.
Speaking at a debate in sustainable communities at the party's conference on Sunday, Prescott pledged that housing association homes are not for sale.
He says: “The Tories talk about part ownership, but all they want to do is extend the Right to Buy to all housing associations. Well, it ain't going to happen. Those homes are not for sale.
“We've spent over £40bn on Right to Buy, we've got to ask ourselves. are we getting value for money.
“Instead of chasing the market with ever increasing discounts, why don't we give more tenants an equity share which they can take with them.”