LABOUR leader Ed Miliband will pledge to reduce stamp duty to zero and give first time buyers priority access on new homes in a speech in the region today. (Monday April 27)

Mr Miliband will be in Stockton, Teesside, where he will detail how Labour plans to tackle a “modern housing crisis” should it win power in next month’s General Election.

He will also condemn the Conservatives for presiding over the lowest rates of housebuilding since the 1920s and the lowest rate of home ownership for 30 years.

Labour says it will start construction on one million new homes by 2020 and build more affordable homes year-on-year.

It would also reduce stamp duty to zero for first time buyers of homes worth up to £300,000. First time buyers would also get “first call” on up to half of homes built in their area, assuming they have lived there for more than three years.

Other measures will see the introduction of secure three-year tenancies, capping rents and banning letting agent fees.

Mr Miliband will say: “Our plan is grounded in the idea that it is only when working people succeed that Britain succeeds. If we win the election in just a few days’ time, the next Labour government will make sure there are homes to buy and take action on rents.”

Ed Balls, Labour’s shadow chancellor, said: “The Tories have totally failed to deal with the housing crisis.

“Only a Labour Government in two weeks’ time will turn this round with a plan to build more homes, back renters and give aspiring first-time buyers a leg up the ladder.”