Keir Starmer was speaking at a press conference this morning ahead of the publication of the Immigration White Paper, which will set out ways to curb migration. 

He pointed out that “uncontrolled” net migration reached nearly one million in the year ending June 2023 — four times the levels seen in 2019. Last year, net migration stood at 728,000. 

Starmer added: “Public services were stretched, housing costs soared, and employers swapped skills investment for cheap overseas labour.” 

He said: “New immigration rules will reduce reliance on overseas recruitment, prioritise those who contribute to Britain’s economy and put more money in the pockets of working people.” 

Migrants will also have to wait 10 years to apply to settle in the UK, instead of automatically gaining settled status after five years, under new rules. 

The Prime Minister added that high-skilled, high-contributing foreign workers who contribute to the economy and society would be “fast-tracked”, such as nurses, doctors, engineers and AI leaders.  

Labour also plans to introduce English language tests for migrants. 

However, the government stopped short of setting a figure for net migration as previous Conservative administrations had done – and failed to keep. 

Shadow home secretary Chris Philp said the Conservatives would force a vote on a “binding migration cap” when the Bill comes to Parliament.  

Last week, average house prices lifted by 0.3% in April to £297,781 compared to £296,899 the month before, according to the Halifax house price index. 

However, the annual rate of growth hit the highest level so far this year at 3.2% in April from 2.9% in March. 

Also last week, UK Finance highlighted how important the Bank of Mum and Dad has become to the first-time buyer market. 

First-time buyers who receive assistance are able to buy a home at an average age of just over 30, with an average household income of £56,000, said the banking trade body 

By contrast, those purchasing without support tend to be older – over 32 years – and have a higher household income, at £65,000. 

Rents rose for the fourth month in a row in April, according to the latest Goodlord rental index.

The average rental property in England was £1,216, 4.2% higher than a year ago, while inflation is currently 2.6%.

Earlier this month, The Financial Conduct Authority said it intends to use two consultation periods this summer to “make meaningful changes” to the mortgage market.    

The regulator said the areas it will look at include changes to affordability assessments, new rules on borrower disclosure requirements, preparing for rising later life lending demand and making remortgaging to a new lender easier. 

Labour plans to build 1.5 million homes over the next five years, which if delivered, will also ease house prices.