Shadow Chancellor Rachel Reeves unveiled Labour’s plans to help renters get a foothold on the property ladder.

While on a visit to Brighton earlier this week, Ms Reeves spoke to young people who had just got on the housing ladder or were struggling to buy their own home.

She said that those who secured a mortgage after the government’s mini-budget last year are paying on average £450 more a month.

Ms Reeves said: “One person who I spoke to in Hove told me that when they started looking a year ago, her mortgage on the same property is £350 more than it would have been.

“Another young man and his partner, both of whom have good jobs, are struggling to build up a deposit and to get a mortgage agreement, but in the meantime, they are paying extortionate rent to pay their landlord’s mortgage.”

The Argus:

The party would introduce a new mortgage guarantee scheme, as well as measures to stop housing developments from being sold to foreign investors.

Ms Reeves said: “A lot of people can only get on the housing ladder through the bank of mum and dad, but if you don’t have that, the chances of building up that deposit are really tough.

“We want more people to fulfil their dream of owning their own home. We’re looking at introducing a government guarantee scheme, as well as reforms that would stop developers selling properties off-plan to foreign investors - local people should get first dibs on local housing.

“These would help people move from rental accommodation to home ownership.”

She also said that the party would help those renting in Brighton and Hove and across the country with a renters’ charter “to tip the balance of power towards the renter and away from the landlord”.

MOST READ:

The proposal would see an end to “no fault” evictions and improvements to the rules around allowing pets in properties.

Ms Reeves said: “More and more people are having to rent for longer periods of time and are not able to make the house they live in their home.

“Changes like that would make things better for renters.”

Voters will go to the polls across Brighton and most of Sussex on May 4.