The Labour Party have promised 100,000 new discounted homes for first-time buyers as part of their ‘New Deal’ for those looking to get onto the property ladder.
Their ‘New Deal on Housing’ sets out a long-term plan to tackle the housing crisis, promising to award priority to ‘those let down most by failings in the housing market’.
For first-time buyers, Labour pledges to provide those on ordinary incomes with 100,000 discounted FirstBuy homes as well as a stamp duty holiday lasting two years. The Help-to-Buy scheme will also be extended to 2027, as well as being re-focussed so it only applies to those buying for the first time.
Labour also propose to launch the biggest council housing programme in over three decades, aiming to build affordable homes for those currently on council waiting lists. By 2022, they plan to reach a growth rate of 100,000 affordable homes per year.
Aiming to help private renters, the party also aims to introduce a “consumer rights revolution”, including new minimum property standards as well as an inflation cap on rent rises for three-year tenancies.
Commenting on the party pledges was Labour Party leader, Jeremy Corbyn. He highlighted the issues which aspiring homeowners are currently facing, aiming to prioritise the needs of local workers and younger buyers.
“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.”
Also commenting on Labour’s proposals was John Healey. The party’s Shadow Secretary of State for Housing reiterated the importance of addressing first-time buyer needs, with an overall aim to shift the housing market.
“After seven years of failure, the Conservatives have no plan to fix the housing crisis and Theresa May only offers more of the same. Labour offers a New Deal on housing between the people of this country and a new government. It is a bold, long-term plan for housing to help those being let down most by a broken housing market and failing Conservative policy – young first-time buyers, private renters and people needing new social rented homes.
“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.”
