<p>The Labour Party is to launch a plan to build 125,000 extra new homes over five years, based on the new Help to Buy ISA.<br>With housing key in the election campaign, Labour leader Ed Miliband will outline details of the new fund, generated by requiring banks who hold the new Help to Buy ISAs to use the money in the accounts to invest in housebuilding. The fund would raise £5 billion and the government would underwrite the scheme.</p> <p>Under the Help to Buy ISA, for every £200 saved by first time buyers the government will top up the savings by £50.<br>Miliband says that the fund will help tackle the flaw in recent giovernment initiatives in that it will boost supply, not merely increase demand. The scheme will be aimed at Labour's new housing growth areas where first time buyers are given prioity to buy.</p> <p>"We'll get Britain building again. Our plan is the first real plan for housebuilding in a generation," said Miliband.<br>The chancellor George Osborne has called the plan "badly thought through" and said it will harm savers and undermine home ownership.</p>