Private Rented Sector

Ian Paisley Excerpts

Wednesday 25th June 2014 Commons Chamber

[Emma Reynolds]

My hon. Friend pre-empts a point I was about to make. She is absolutely right that the private rented sector is particularly problematic in high-demand areas, not only in London, but in Oxford, York and other parts of the country where demand is far outstripping supply, which is one of the reasons rents are so exorbitant.

[Ian Paisley (North Antrim) (DUP)]

I appreciate the hon. Lady’s point, but she did not mention—inadvertently, I know—Northern Ireland, which, as I am sure she knows, particularly suffers from a lack of supply in the private rented sector.

[Emma Reynolds]

I thank the hon. Gentleman for reminding me of that fact.

The status quo in the private rented sector is good for neither landlords nor tenants—both parties need and deserve greater stability—but the Government do not have to travel to Venezuela or Vietnam to find a more stable, just and equitable private rented sector: 10 years ago, Ireland introduced four-year tenancies, with a ceiling on rent increases linked to average market rents. As set out in the motion, our reforms would give greater stability and peace of mind to the 9 million people renting in the private rented sector.