A Labour government would change the law and set up a new agency to enable councils and developers to buy land in England from private owners more cheaply in an attempt to accelerate low-cost housebuilding.
John Healey, the shadow housing secretary, said the Sovereign Land Trust would buy agricultural land at “near current-use value” rather than the vastly inflated prices it sells for when earmarked for development.
The move is likely to anger landowners hoping to profit from the sale of property for development but be welcomed by housebuilders.
