(5 years, 4 months ago)
Commons ChamberThe hon. Gentleman puts his finger on an enormous problem for the country that we have not shied away from. He is quite right in pointing out that over the past three, possibly four, decades this country has failed to build the homes required by its population, and as a result we have seen unaffordability rise, particularly in London and south-east, but beyond that in the rest of the country as well. In the end, the fundamental solution is a massive increase in supply, which we are committed to. The Government have put significant resources behind lifting the number of homes being built in this country in a way that has not been seen for a generation. Last year’s net new additions to the housing stock were 222,000, and the leading indicators for next year are pointing towards something over 240,000. That will represent the largest expansion in house building in this country since the war.
(6 years ago)
Commons ChamberAt this stage, there is no indication from the early returns on Help to Buy that the situation that the right hon. Gentleman raises is occurring. Indeed, early numbers show a higher level of successful redemption than we expected and we hope that that will continue.