By Jonathan Davies

First-time buyers would be exempt from stamp duty when buying a home under £300,000, Labour leader Ed Miliband announced today (Monday).

The pledge will come as Mr Miliband attacks the coalition government for "the lowest level of housebuilding for almost 100 years and the lowest rate of home ownership for a generation".

He will also say that a Labour government would build one million more homes by 2020.

The Conservatives described the move as "panicky", saying it would cost twice as much as Labour claimed.

In a speech in Stockton, Teesside, Ed Miliband said: "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.

"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."

Labour say the pledge, which would cost £225 million, would be paid for by a greater clampdown on landlords avoiding tax, cutting tax relief for landlords who don't maintain their properties sufficiently and higher taxes for overseas property investors.