Labour would give first-time buyers exclusive access to new properties and restrict overseas buyers to 50% of a development.
Lucy Powell, the shadow housing secretary, will announce the policies this weekend at Labour’s conference in Brighton in an attempt to steal the Conservatives’ claim to be “the party of homeownership”.
First-time buyers would be given six months’ exclusivity on new-builds, while it hopes that limiting overseas buyers will prevent “ghost towers” as investors leave homes empty.
Labour also wants to give councils powers to force landowners to sell vacant sites to build new housing at lower prices than the compulsory purchase system currently allows.
“Labour is the party of homeownership; the Tories are the party of speculators and developers,” Powell said. “They treat housing as a commodity, not the bedrock of stable lives and life chances.”
Another proposal under Labour would cut “affordable rents” from 80% of market rents to around 30% of average household income.
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