Home Ownership

Debate between Lord Tugendhat and Lord Bourne of Aberystwyth

Tuesday 17th October 2017 Lords Chamber

[Lord Bourne of Aberystwyth]

My Lords, as I have indicated, the Government have just announced £2 billion, and we will be shortly explaining precisely how that money will be spent. Much of it will be going on social rent. We have committed to 1 million new homes by 2020, and 1.5 million new homes—a further half a million—by 2022, which are needed to meet the challenge. It is a far better performance than we have had in recent years. There is a massive challenge here and the Government are aware of this. Part of it is also answered by something that we announced fairly recently: building homes in the right places and ensuring that more of them are built where there is the greatest need and the greatest pressure.

[Lord Tugendhat (Con)]

My Lords, for those of us who began our political careers campaigning for a property-owning democracy, the figures my noble friend has given are somewhat disappointing. It is encouraging that the Government are seized of the issue of intergenerational unfairness which exists at the moment and I look forward to the measures that may perhaps be brought forward in the Budget, but does he not agree that it is not only in respect of difficulties in buying their own home that the young are disadvantaged but in a whole host of other financial aspects, including saving for pensions?

[Lord Bourne of Aberystwyth]

My noble friend is right. The intergenerational fairness to which I referred does not apply just to housing; there is a similar issue in relation to pensions. A lot of work has been done on this, and the Government are looking at it very seriously. He is right that we need to do far more. I should point out that this is against an expanding population so, although the percentage is static at the moment, that still means we need an increased number of homes because the population is still expanding. Yes, there is a massive challenge and the intergenerational fairness issue is not limited to questions of housing.