<p>Labour says it will introduce plans to make first time buyers exempt from stamp duty on homes costing less than £300,000 if they are in government after May 7. The initiative will last three years.</p> <p>Labour leader Ed Miliband also confirmed plans to allow local people to have first call on homes in their area and measures to prevent foreign buyers from buying properties ahead of local people.</p> <p>Labour says the cost of the stamp duty plan, which it says will be £225 million a year for three years, will be paid for by by a clampdown on landlords who avoid tax, a cut in tax relief for landlords who fail to maintain properties and increased taxes for foreign property investors - with stamp duty on buyers from outside the EU rising by at least 3%. </p> <p>However the Conservatives called the policy a gimmick and claimed that the cost would be much higher and is unfunded.</p>