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Labour to help first-time buyers with stamp duty

Under a Labour government, Ed Miliband will say First-time buyers would be exempt from stamp duty when buying homes for less than £300,000 under a Labour government, Ed Miliband will say.

The Labour leader will call for urgent action to tackle low house-building levels and falling home ownership.

Under Labour's plans, local residents would get "first call" on up to half of new homes in their area for a time.

The Conservatives said Labour's plans were unfunded and they had cut stamp duty for most people since 2010.

Labour's "panicky" announcement would cost more than twice as much as it was claiming, a Conservative spokesman added.

In a speech in Stockton, Teesside, addressing the "modern housing crisis", Mr Miliband will pledge to help young people on to the housing ladder.

"There's nothing more British than the dream of home ownership, and home ownership is out of reach for so many people in our country," he will say.

"It's the right thing to do to enable people to get back on the housing ladder and that's what a Labour government will do."