The Labour Party are set to announce that they will launch a Freedom to Buy scheme to help get 80,000 young people onto the housing ladder.
The party is pledging to samake the government’s mortgage guarantee scheme (which expires in 2025) permanent, making it easier to buy with a 5 percent deposit.
Labour have also said that they will commit to an overhaul of the planning system, including reintroducing housing targets, with the measures expected to see see 1.5 million more homes built over the next five years.
The announcement,expected today will also see the party will promise to tax foreign buyers “pricing out young people” from the housing market in order to pay for new planning officers, which it claims will help increase projects being signed off.
“After 14 years of the Tories, the dream of home ownership is out of reach for too many young people.” says Kier Starmer adding
“My Labour government will help first-time buyers on to the ladder with a new Freedom to Buy scheme for those without a large deposit, and by giving them first dibs on new developments. Labour backs hard work and ambition, and will clear the way for the opportunity to own a home.”
