Social Housing Bill (Fourth sitting)
I beg to move, That the clause be read a Second time. I am grateful for the opportunity to move new clause 16, which was tabled by my hon. Friend the Member for St Ives. It concerns rent to discounted sale agreements, or covenanted housing as it might be called. I will be brief, but this important potential tenure option can retain social housing in the long-term ownership of the sector while giving people the ability to acquire a new home by providing them with 50% equity in the property. When they choose to move on, the equity is sold and they receive the uplift in that equity; the property reverts to the charity or housing association that sold it. It is important for us to have mechanisms to get people on to the housing ladder without jeopardising—or, indeed, almost completely extinguishing—our stock of social housing, as has happened following the loss of 2 million homes from council and social housing stock since the 1980s. This important tenure deserves recognition in the Bill. It is already in operation in parts of the country, and I commend it to the Committee on that basis.