PUBLISHED: 01:01, Mon, Sep 2, 2019 | UPDATED: 01:28, Mon, Sep 2, 2019
The suggestion from the Shadow Chancellor is to apply Margaret Thatcher’s iconic right for council tenants to buy their homes to those who rent properties from millions of private landlords. He added that he hoped it would reverse the fall in affordable housing seen after Mrs Thatcher's decision to allow council housing tenants to buy their homes. Speaking to the Financial Times, McDonnell said: "We’ve got a large number of landlords who are not maintaining these properties and are causing overcrowding and problems."
Recent years have seen rising rents alongside falling home ownership.
Mr McDonnell added: ”In my street now a third of the houses are right-to-buy, badly maintained, overcrowded.
"You’d want to establish what is a reasonable price, you can establish that, and then that becomes the right to buy.
John McDonnell and Margaret Thatcher (Image: GETTY)
"The Government sets the criteria.
“I don’t think it’s complicated."
Labour could give tenants who rent private homes the right to buy them at a cut-price rate, the Shadow Chancellor has revealed.
John McDonnell said he wished to “tackle the burgeoning buy-to-let market”
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Jeremy Corbyn (Image: GETTY)