Housebuyers are paying £4,000 more per year as they are hit by a Tory mortgage penalty, Labour has claimed.
Rachel Reeves accused the government of destroying many people’s dreams of getting on the housing ladder.
Figures show that a person looking to buy the average house last month would be paying £4,060 more per year for the average two-year mortgage than they would have paid when Rishi Sunak became chancellor in February 2020.
Labour declared it is now “the party of homeownership” as it pledges to support young people and families to get onto the housing ladder.
As well as reforming the planning system to get more houses built, it has promised to help first time buyers by introducing a comprehensive mortgage guarantee scheme for those struggling to save for a deposit.
Labour will also give them first dibs on new homes in their area.
Shadow Chancellor Ms Reeves said: “13 years of the Tories have weakened our economy, left families worse off and dreams of home ownership destroyed.
“The Conservatives have abandoned first-time buyers. On their watch homeownership rates have plummeted and mortgage costs have soared, and now Rishi Sunak has prioritised appeasing his own MPs over building the houses we need.
“Labour is proudly the party of homeownership.”
“We will reform planning to get more homes built and actively support first-time buyers with a comprehensive mortgage guarantee scheme and by giving them first dibs on new houses in their area.
“Along with our mission to secure the highest sustained growth in the G7 and to tackle the cost of living crisis, we will build a better Britain.”
* Follow Mirror Politics on Snapchat, Tiktok, Twitter and Facebook.
