The Labour Party manifesto says that insufficient houses are being built, young people have been priced out of home ownership and homelessness is rising. Here’s how Labour plans to overcome these issues:
- Ensure at least 200,000 new homes a year are built by 2020, with first priority for local first time buyers.
- Create a £5Bn Future Homes Fund by investing the billions of pounds saved in the Help to Buy ISAs to increase housing supply.
- Give local authorities the power to force developers with land to “use it or lose it”. This will mean an end to the practice known as land banking.
- Increase support for small builders, including through the Help to Build scheme.
- Encourage the public sector to get building again.
- Build more affordable homes by prioritising capital investment for housing and by reforming the council house financing system.
Within the manifesto itself there is not much detail on how these pledges will be achieved; however, it does refer readers to the recommendations of the Lyons Review, an independent Labour-commissioned report which was published in October 2014.
5th May 2015