"The Conservatives' failure on housing has been twofold. The two thirds of families who own their homes have suffered a massive increase in insecurity over the last decade, with record mortgage arrears, record negative equity and record repossessions. And the Conservatives' lack of a housing strategy has led to the virtual abandonment of social housing, the growth of homelessness, and a failure to address fully leaseholder reform. All these are the Tory legacy. Labour's housing strategy will address the needs of homeowners and tenants alike. We will reject the boom and bust policies which caused the collapse of the housing market."
New Labour's 1997 manifesto