The chancellor will today put himself at the heart of Labour's re-election campaign with a pledge to lift the level of home ownership.

In a foray into traditional Tory territory, Gordon Brown will say that more people "must and will have the chance to own their own home".

Flanked by John Prescott, Brown will pledge to lift the level of home ownership from 70 to 75 per cent across the country.

The announcement comes as new data shows that housing inflation is at its lowest level for four years.

The Guardian reports that the chancellor delivered an upbeat message as he put the economy centre-stage during a political session of the Cabinet in Downing Street yesterday.