Labour leader Keir Starmer has pledged that 70% of Brits would own their own home if his party wins the next General Election.
He also promised to launch a new mortgage guarantee scheme to help first-time buyers get on the ladder.
His speech came as mortgage lenders withdrew products in the face of surging borrowing costs and a tumbling Pound.
Speaking at the Labour conference, Starmer said: “I’ve seen homeownership rise almost my entire life – it’s the bedrock of security and aspiration. That pebble-dashed semi meant everything to my family. But now, under the Tories, the dream of owning your own home is slipping away for too many.
“And that’s a political choice. Because if you keep inflating demand without increasing supply house prices will only rise. And homes become less affordable for working people.
“So we will set a new target – 70% home ownership and we will meet it with a new set of political choices. A Labour set of political choices.
“No more buy-to-let landlords or second homeowners getting in first. We will back working people’s aspiration. Help real first-time buyers onto the ladder with a new mortgage guarantee scheme. Reform planning so speculators can’t stop communities getting shovels in the ground.
“My message is this if you’re grafting every hour to buy your own home Labour is on your side. Labour is the party of home ownership in Britain today.”
