Labor says it's now the 'only choice' for aspiring homeowners

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Work is now the 'only choice' for people dreaming of buying their own home, says Rachel Reeves.

The shadow chancellor accused the Conservative government of 'smashing' the housing market, as Labor held an emergency mortgage brokers summit next week.

His comments come after homeowners' average five-year fixed-rate mortgage jumped above 6% for the first time since Liz Truss' disastrous mini-budget last year.

The Bank of England hiked UK interest rates to 5% last month, the highest level in 15 years, and millions of mortgage holders are set to see their monthly payments increase when their fixed-rate agreements expire over the next year.

Ms Reeves and Shadow Housing Secretary Lisa Nnady will convene the emergency summit on Wednesday, which will seek to understanding the impact of the spiraling crisis on first-time buyers and homeowners.

The Shadow Chancellor says Labor plans to 'put rocket boosters' into house building will bring security to families and the national economy and ensure that 70% of people own their own homes.

Lisa Nandy (photo) and Rachel Reeves are due to meet at an emergency mortgage brokers summit

(PA Archive)

She said: 'Too often families saving for their first home but who aren't close to buying it tell me they feel like they're doing something wrong.

"But there's a common denominator here when it comes to our broken housing market, shaky economy, skyrocketing prices and broken public services - and that's a Conservative government that has done nothing in the last 13 years.

"Nowhere is this truer than for home ownership, with more and more people being shut out of the market or forced to paying hundreds of pounds a month more because of the Tory mortgage bomb.

"It is clear that Labor is now the only choice for people who dream of owning their own home."

Some of Labor's plans include reforms to the planning and return of target accommodation premises.

Labour said it would help tenants get on the ladder by working with lenders to ensure rent payments are included in mortgage affordability tests and by supporting m...