Home Ownership Affordability
I declare an interest as chair of the all-party parliamentary group on council and social housing. The affordability of home ownership is one of the biggest issues in our country. I welcome many of the recommendations in this report around tackling empty homes, reforming stamp duty and ensuring that we are tying the definition of affordability to local incomes. I also want to take the opportunity to congratulate the Minister for Housing and Planning on his role in securing the highest number of social rent homes since 2010, as announced today. That is a major achievement. However, part of the affordability question, which perhaps could not come into the scope of the Committee’s report, still lies unanswered and unaddressed. Since the 1970s, the number of homes per capita in this country has risen, despite house prices massively outstripping ordinary people’s incomes in that very period. That seems in a large part down to private banks effectively being able to print money, which then flows into house prices. I wonder whether, in its future work, the Committee will consider the interaction between monetary policy and house prices in this country.