Labour has pledged £5bn to build 125,000 new homes if it comes to power.
Ed Miliband claimed this weekend that his party will use the Conservatives’ first-time buyers’ ISA, announced by George Osborne earlier this year, to finance wide-scale housebuilding.
As part of the policy, people who have lived in an area for three years will be guaranteed priority access to new homes as part of a First Time Buyers First policy.
The strategy is part of Labour’s plan to raise construction levels to 200,000 homes a year by 2020.
Miliband said: “We’ll put the money saved by first time buyers in the first-time Buyers’ ISA scheme to work. Using those precious investments not just to sit in banks and building societies to spend as they wish, but using it to invest in new home building, unlocking a minimum of £5bn to deliver 125,000 new homes in our housing growth areas.”
