The Labour Party has pledged to maintain the Help to Buy equity loan scheme until 2027 if it gets elected next month.
The Labour manifesto reads: “We will guarantee Help to Buy funding until 2027 to give long-term certainty to both first-time buyers and the housebuilding industry.”
First-time buyers would be given a first option on new homes built in their local area.
Jeremy Corbyn’s Labour also plans to establish a Department for Housing tasked with improving the number, standards and affordability of homes.
Meanwhile it would overhaul the Homes and Communities Agency to be the ‘housing delivery body’.
Labour said it would build over a million new homes, including at least 100,000 council and housing association homes for affordable rent by the end of next parliament.
In terms of where these homes would be situated Labour would encourage new towns to avoid urban sprawl.
The manifesto pledged to not only build more homes, but build better homes with insulation and improved minimum space standards to prevent ‘rabbit hutch’ properties.
With the private rental sector Labour would make three year tenancies the norm and cap rent rises on inflation.
Meanwhile renters would be handed new powers to report ‘bad landlords’.
Labour pledged to keep the Land Registry in public hands, abolish the bedroom tax and reinstate housing benefit for 18-21 year-olds.