Labour has revealed an uncosted plan to help 80,000 young renters get onto the property ladder, assuming his party gains power atthe General Election.
The party’s Freedom to Buy scheme, which is launched this morning, will help those who struggle to save for a large deposit and can’t rely on cash gifts from relatives to own their own home.
The policy announcement follows comments by Keir Starmer about the ‘security’ his childhood family home gave his parents.
But Freedom to Buy is not a new policy, but instead an extended version of the Tory’s mortgage guarantee scheme, which is due to end in June 2025.
As well as helping young renters, Starmer wants to reform planning, build more homes, outlining a plan to construct 1.5 million during the next Parliament, a target many property industry experts have slammed.
Other initiatives include a ‘first dibs’ new homes scheme for local people; taxing foreign property owners harder to fund more planning officers; and reforming the compulsory purchase rules to stop investors holding on to properties.
“After 14 years of Conservative government, the dream of home ownership is out of reach for too many hard working people,” says Starmer.
“Despite doing everything right, they can’t move on and up. A generation face becoming renters for life.
“As Prime Minister, I will turn the dream of owning a home into a reality.”
But lobby group Generation Rent says these policies will achieve little unless Labour also uses rent controls to stop costs ‘soaring away’ for tenants, many of whom do not have any savings.
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