Housing: Private Rented Sector

Debate between Lord Bourne of Aberystwyth and Baroness Wilcox

Thursday 14th June 2018 Lords Chamber

[Baroness Wilcox]

To ask Her Majesty’s Government what progress they have made in encouraging the private rental sector to increase housing supply.

[The Parliamentary Under-Secretary of State, Ministry of Housing, Communities and Local Government and Wales Office (Lord Bourne of Aberystwyth) (Con)]

My Lords, 20% of housing is in the private rented sector, which has doubled since 2002. Since 2012, the Government have been encouraging investment in the segment of the private rented sector known as Build to Rent.

[Baroness Wilcox (Con)]

I thank my noble friend for his short reply; it is very helpful. Have the Government any plans to extend the tenancy length before stamp duty land tax is charged, and what are they doing to ensure that local authorities and people in general are aware of the new changes that are coming? I have only recently visited some of these things that are being built and the people who are moving in. It is absolutely wonderful to see the change; it is so well suited to the fast-changing lives of our younger generation.

[Lord Bourne of Aberystwyth]

My Lords, I thank my noble friend for her encouragement of my short responses, followed by her two questions. Stamp duty land tax will not be payable by many people purchasing tenancies; it will be very unusual outside London, and then only at the higher-value end of the market. Any changes are clearly a matter for the Treasury. My noble friend is quite right about the need for publicity for many of these excellent schemes that we are pursuing and, quite apart from her and others’ questions, we obviously ensure that details are provided on the website and that our partners are aware of this. It is a very good story to tell: we are progressing many changes through this House and the other place in relation to the private rented sector.