Labour aims to revive ‘dream of home ownership’
Another hardhat photo opportunity was in the offing as Labour pledged to generate £5bn to build 125,000 new homes.
Labour leader Ed Miliband wants to take a new ISA scheme for first-time buyers announced by Chancellor George Osborne earlier this year to help finance wide-scale house building.
The party says Britain’s severe housing shortage is being fuelled by coalition schemes like “Help to Buy” but that no action is being taken to improve supply.
“There’s nothing more British than the dream of home ownership, starting out in a place of your own,” Mr Miliband is expected to say.
Labour will create a £5bn Future Homes Fund to build more homes over the course of the next parliament. pic.twitter.com/YZNvFyXhUG
— The Labour Party (@UKLabour) April 4, 2015
“But for so many young people today that dream is disappearing into the distance.”
Labour would channel the investments banks and building societies make from the new first time buyer ISA into housing, generating billions that Labour would use towards its target of 200,000 new homes by 2020.
Mr Miliband has already announced proposals to end land-banking by developers by pledging to “use it or lose it” laws and is also planning new garden cities.