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Standing up for Reading

First Time Buyers

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Ed Miliband announced Labour’s plan to put first-time buyers first by reducing stamp duty to zero and giving them priority access on new homes built. 

The Tories have overseen the lowest peacetime level of housebuilding since the 1920s, the lowest rate of home ownership for 30 years and a market where buy-to-let landlords as well as foreign investors are snapping up properties before local people get a chance.

No wonder people can’t get the start they need. Working families deserve better. That’s why Labour will act. We’ll put first-time buyers first because we believe Britain can only succeed when working people succeed.

Today Ed Miliband announced Labour’s plan to put first-time buyers first by reducing stamp duty to zero and giving them priority access on new homes built. 

The Tories have overseen the lowest peacetime level of housebuilding since the 1920s, the lowest rate of home ownership for 30 years and a market where buy-to-let landlords as well as foreign investors are snapping up properties before local people get a chance.

No wonder people can’t get the start they need. Working families deserve better. That’s why Labour will act. We’ll put first-time buyers first because we believe Britain can only succeed when working people succeed.

Here are three things you should know about how Ed Miliband and the Labour Party will put first-time buyers first:

  1. For the first three years of the next Labour government, we will abolish stamp duty for all first-time buyers of homes under £300,000. It is simply too expensive for so many young people to buy a home today, saving up for the deposit, paying the fees and having enough left over for the stamp duty. So we’re going to act so we can transform the opportunities for young working people in our country benefitting nine out of ten first-time buyers by up to £5,000.
  2. We will start construction of one million homes over the next five years. That means we will see at least 200,000 homes a year getting built by the end of the Parliament with a new generation of towns, garden cities and suburbs. We will unlock land being hoarded by large developers, telling them either you use the land, or you lose the land.
  3. First-time buyers who have lived in an area for more than three years will have first call on up to half of all the new homes built in their area. We will make sure there is real priority for first-time buyers because it is no good people seeing houses going up in their community, if they are then not able to buy them because they are snapped up by investors from overseas. We believe houses should be lived in by families, not set aside for speculators.

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