Labour pledges 100,000 discounted homes for first-time buyers

Inside Housing understands the size of the discount on these homes would vary depending on the area and will be based on local wages.

The party has previously announced its intention to build 100,000 “genuinely affordable” council and housing association homes a year by 2022 for rent or for sale. A Labour government would also fund Living Rent homes capped at a third of local incomes but has not revealed how many it plans to deliver.

Mr Corbyn said: “A Labour government will start on fixing the housing crisis immediately. High prices, excessive rents and the chronic lack of affordable housing are ruining the lives of young people, families and aspiring homeowners.

“As part of our massive housebuilding commitment, Labour will ensure 100,000 First Buy Homes are available at discounted rates to local first time buyers. This will transform the housing market and put the needs of younger house buyers and local workers first.”

Mr Healey said: “Our first Labour housing priority will be help for young first-time buyers. Under the last Labour government, a million more families became home-owners but now the Tories are failing first-time buyers on middle incomes. Under the Conservatives since 2010 homeownership has fallen by 200,000 with younger families on ordinary incomes the hardest hit.”

The policy echoes a Conservative pledge to build 200,000 discounted Starter Homes over the course of the Parliament ahead of the 2015 election. This was ditched in favour of more general help with home ownership in the Housing White Paper earlier this year.