A record number of young people – one in four – are living at home with their parents into their twenties and thirties.
Nowhere is David Cameron’s failure more dismal than on housing. Young people and families starting out know the dream of having a home of their own is disappearing into the distance. We are building less than half the number of homes we need and young people are being priced out of the market with the average house price now eight times the average wage. This Government has achieved nothing but record lows for house building and home ownership – and record highs for working people still living with their parents and young families having to pay rip off charges to rent. We have a plan to build hundreds of thousands of new homes and give priority for those homes to young families just starting out. And we have a plan for families who rent with new long-term tenancies to prevent rip-off rent rises. We will include legislation in our first Queen’s Speech to ban letting agent fees charged to tenants, saving Generation Rent more than £2.5 billion over the parliament – or £625 for each family. This is a better plan to tackle the cost-of-living crisis with more homes, fairer rents and help for first-time buyers. Labour will ensure fairer rents:
- We will legislate for 3-year tenancies giving renters security and peace of mind.
- We will end excessive rent rises by putting a ceiling on rent increases during the new three-year tenancies.
- We will ban unfair letting fees, saving the typical tenant £625 over the course of the next parliament and Generation Rent £2.5 billion.
Labour will increase the number of new homes built every year to 200,000 by 2020 with priority for first-time buyers by:
- Giving local communities stronger powers to build the homes needed in the places people want;
- Getting the public sector back into building;
- Tackling land banking through new “use it or lose it” powers;
- Shaking up the housing market by backing SME builders through Help to Build;
- Building the next generation of Garden Cities;
- Granting first time buyers from the area priority access rights when new homes go on sale.
The Tories’ plan has failed:
- The lowest level of house building in peacetime since the 1920s;
- The lowest level of home ownership since 1985 – with 205,000 fewer homeowners than when David Cameron came to power;
- The lowest level of homes for social rent built in at least two decades;
- The lowest number of affordable homes built in five years – a fall of 32 per cent since 2009/10;