As part of his keynote address, Keir Starmer set out his vision to help people own their own homes including a promise to implement a new 70 per cent target for home ownership.
He said: “I’ve seen home ownership rise almost my entire life – it’s the bedrock of security and aspiration. That pebble-dashed semi meant everything to my family.
“But now, under the Tories, the dream of owning your own home is slipping away for too many.”
Starmer went on to say it’s a “political choice” but “if you keep inflating demand without increasing supply, house prices will only rise and homes become less affordable for working people”.
New mortgage guarantee scheme
Average house prices stood at £292,000 in July, according to the Office for National Statistics, and following the mini Budget last week which confirmed the stamp duty shake-up, industry experts suggested this could fuel further price hikes and failed to get to the core of issue of poor supply.
Starmer said: “We will set a new target – 70 per cent home ownership. No more buy-to-let landlords or second homeowners getting in first. We will back working people’s aspiration. Help real first-time buyers onto the ladder with a new mortgage guarantee scheme. Reform planning so speculators can’t stop communities getting shovels in the ground.”
He added: “My message is this: If you’re grafting every hour to buy your own home, Labour is on your side. Labour is the party of homeownership in Britain today.”
