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Sir Keir Starmer and Angela Rayner have called Labour “the party of homeownership” and have pledged to permanently maintain and extend the Conservative mortgage guarantee scheme, renaming it “Freedom to Buy”.
The party says its plans will help 80,000 more young people get onto the home-buying ladder over the next five years, and will make permanent the current mortgage guarantee scheme, which helps people get a mortgage with a low down payment, but was due to expire in June 2025.
“Our changed Labour party will be on the side of the builders, not the blockers, to get Britain building again,” Starmer said.
“My Labour Government will help first-time buyers get on the home-buying ladder by creating a new freedom to buy scheme for those without a large down payment and giving them first choice on new developments.”
“Their parents’ home gave them a sense of security and was the foundation of our family. As Prime Minister I will make their dream of homeownership a reality,” he added.
Labour’s wider housing strategy also includes high-profile planning reforms aimed at building an extra 1.5 million homes over the next parliamentary term.
The party also promised to reform compulsory acquisition rules, tax foreign buyers and hire more planning officers.
Deputy Leader Angela Rayner said: “Labour’s plans will renew Britain with new mortgage support for young people and a housing rebuild scheme, creating a generation of new cities and unleashing economic growth across the UK.”
“Labour is the party of homeowners and the only party serious about building the homes Britain needs. We will deliver the change we need and end the Tory mess.”
ONS data from the 2021 Census suggests that the number of young people living with their parents is increasing.