Britain's opposition Labour Party said on Monday it would increase the surcharge on property purchases for foreign buyers to fund increased homebuilding if it wins a national election expected next year.

"It is time we built the homes our young people need. We will raise the stamp duty surcharge on overseas buyers to get Britain building," said finance policy chief Rachel Reeves, speaking at the Labour Party annual conference in Liverpool. (Reporting by Alistair Smout, writing by William James, Editing by Kylie MacLellan)