The Right to Buy
This announcement is yet another uncosted, unfunded and unbelievable announcement from the Tories.
Having exhausted the magic money tree, they now want people to believe that they can magic up billions of pounds a year from selling off a few council homes. Last year that raised just over £100 million, while this policy costs £4.5 billion a year.
The test of any Government serious about restoring the dream of home ownership is to build more homes but the Tories are failing on every count.
· Under David Cameron, house building is at its lowest level in peace time since the 1920s.
· Home ownership is at its lowest level since 1985 with 205,000 fewer home owners than when David Cameron came to power.
· Under David Cameron the average number of families claiming their right to buy each year has fallen by two thirds compared to under Labour.
Labour supports home ownership which is why we back the Right to Buy and we will look at options to help more tenants buy their own home.
But in the 21st Century that means building homes and not forgetting the vast majority of people that want to buy their own home but currently rent privately or live with their parents.
Labour's better plan for housing will get 200,000 new homes built a year by 2020 in the places where local communities want them by:
· Give first time buyers on new homes in areas of housing growth
· Tackle landbanking through new lose it or lose it powers
· Unlock a new Future Homes Fund by requiring that the billions of pounds saved in Help to Buy ISAs is invested in building homes
· Shake up the housing market by backing small builders
· Build a new generation garden cities and suburbs creating over half a million new homes
· Prioritise capital on housing so it's at the top of the list for investment
Will you match this commitment to extend the right to buy?
We support right to buy and we will look at proposals to help more social tenants to buy their own home but unlike the Tories we won't make promises we can't keep and the Tories can't explain how they will fund this proposal.
The truth is to tackle the housing crisis and restore the dream of home ownership we need to build more homes and that is exactly what Labour's better plan will do.
You say this policy is unfunded but the Tories have said councils will be forced to pay by selling expensive social homes?
The Tories have spent the last few days spraying around unfunded, uncosted and unbelievable policies. They originally said this policy would be funded by the taxpayer, now they say the £4.5bn cost will be paid for by selling off a few council homes – no one will believe a word. Having exhausted their magic money tree they're now just making it up.
Do you support selling off expensive social homes?
Of course it's right that councils and housing associations manage their stock and make sensible disposals but having exhausted the magic money tree, the Tories have now resorted to making it up. The Tories can't explain how they'll pay the £4.5bn billion.