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Miliband promise help for first time buyers

Ed Miliband on campaign trail.
Ed Miliband on campaign trail.
Ed Miliband on campaign trail.

First-time buyers would be exempt from stamp duty when buying homes for less than £300,000 under a Labour government, Ed Miliband will say.

He will attack the coalition for “the lowest level of housebuilding for almost 100 years and the lowest rate of home ownership for a generation”.

His party will also pledge to begin work on one million new homes by 2020.

The Conservatives said the Labour idea was not new and they had cut stamp duty for the majority of people since 2010.

Labour’s “panicky” announcement would cost more than twice as much as it was claiming, a Conservative spokesman added.

In a speech in Stockton, Teesside, addressing the “modern housing crisis”, Mr Miliband will pledge to help young people on to the housing ladder.

“There’s nothing more British than the dream of home ownership and home ownership is out of reach for so many people in our country,” he will say.

“It’s the right thing to do to enable people to get back on the housing ladder and that’s what a Labour government will do.”

His party would address this through the creation of a “new generation of towns, garden cities and suburbs”, Mr Miliband will say.

The £225m stamp duty pledge would be funded by a clampdown on landlords who avoid tax, a cut in tax relief for landlords who fail to maintain properties and increased taxes for foreign property investors, Labour say.