These compulsory purchase orders (CPOs) would be used to help councils purchase land and boost housing development.

If elected, a Labour government would also increase funding for local planning officers by £25m.

Unveiling the policy in a press interview, shadow housing minister and Labour MP Matthew Pennycook said: “To boost housebuilding and create great places for people to live, we need to deal with outdated rules that inflate the cost of land to the benefit speculators.

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“A labour government will remove ‘hope value’ costs on specific types of schemes that meet a public interest test.”

The NHF is supportive of this policy with CEO Kate Henderson welcoming the pledge.

She added: "Providing more people with access to homeownership should be one part of a holistic approach to solving this crisis, with shared ownership being a key option for first time buyers. 

“In order to ensure all have access to the home they deserve, however, this must sit alongside a major investment in a new generation of social homes, the most affordable and secure tenure for people on low incomes, as part of a nationally coordinated fully funded long-term plan for housing."

Labour has a housebuilding target of 1.5 million new homes being built within the first five years of entering power.