Private Rented Sector: Affordable Rents

Lord Bird Excerpts

Thursday 27th February 2025 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

I thank the noble Lord for his question and for all his expertise on this subject. A few weeks ago, I attended an investors’ summit in the City of London where there was great enthusiasm about investment in the housing market. We welcome those institutional investors and recognise the crucial role that the build-to-rent sector in particular is playing in building those 1.5 million homes. Last year, we announced a £700 million extension to the home building fund to support housebuilders and to catalyse that institutional investment. This should support the construction of 12,000 more homes, including build-to-rent. We also announced a £3 billion guarantee for SME and build-to-rent housebuilders through the reopening of guarantee schemes, which should deliver the construction of around 20,000 new homes.

[Lord Bird (CB)]

My Lords, could the Government also turbocharge getting rid of Section 21, which legalises insecurity in the lives of people paying rent?

[Baroness Taylor of Stevenage (Lab)]

I absolutely agree with the noble Lord about the insecurity that Section 21 presents. It is also a huge economic burden on local councils as they pick up the tab for emergency accommodation coming out of Section 21 evictions. That is why our Renters’ Rights Bill contains clear proposals to get rid of Section 21 once and for all.