The Labour Party has promised 100,000 new discounted FirstBuy homes by 2022 as part of its ‘New Deal on Housing’ if it is elected this week.
Labour Leader Jeremy Corbyn unveiled the plans yesterday to flesh out previous pledges to build at least a million new homes.
The plan will also include a two-year stamp duty holiday for first-time buyers and an extension and re-focusing of Help to Buy so that it is only for first-time buyers.
The Labour proposals would also launch “the biggest council housing programme in over 30 years”.
The party is also eyeing the rental market, and would bring in three-year tenancies with an inflation cap on rent rises and new minimum property standards.
Corbyn says: “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.
“Labour will usher in a new era in council housebuilding to build more council homes than at any time for over 30 years so that the broken market is fixed to provide homes for the many, not investment opportunities for a wealthy few.”