Labour is promising to help those priced out of the housing market by building 100,000 discount properties that will be sold to first-time buyers.
To do this the party has announced plans to create a ‘FirstBuy’ homes scheme if it wins the election.
The scheme would cut up to 40% off the price of a home for those on “ordinary incomes”, as well as providing a 2-year holiday from Stamp Duty.
John Healey, the party’s housing spokesperson, said: “Our first Labour housing priority will be help for young first-time buyers.
“Under the Conservatives, since 2010, homeownership has fallen by 200,000 with younger families on ordinary incomes the hardest hit.
“After seven years of failure, a Labour government will shift the housing market decisively towards first-time buyers on ordinary incomes.”
Healey also pledged a new deal for private renters, including 3-year tenancies with an inflation cap on rent rises and new minimum property standards.
Healey added: “After seven years of failure, the Conservatives have no plan to fix the housing crisis and Theresa May only offers more of the same.”