A newspaper says Labour is seeking to woo renter voters by allowing councils to restrict new build homes to first time buyers only for a limited period.

Labour has already pledged to give FTBs ‘first dibs’ on the purchase of new builds, alongside a parallel policy to stop foreign buyers snapping up new builds as investments.

Now it has set out how that might work, telling The Independent that renters could be given a window – say, six months – in which only they would be permitted to buy homes on a new development.

It would be left to individual councils would hammer out with developers exactly how long the window would last, and whether it would begin before or after schemes are complete.

Labour has also vowed to increase the surcharge on stamp duty paid by overseas buyers, currently at two per cent. 

The plans are expected to be included in General Election manifesto policies to be decided later this year. 

Stewart Baseley, executive chair of the Homebuilders Federation, told The Independent: “While prioritising UK buyers is key, some large-scale developments require upfront funding that [overseas] investor buyers can provide.”