Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Home Ownership Affordability
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Mr Forster
I agree with the hon. Gentleman’s concerns. I want to thank him for his work on the APPG. In the report, we highlighted that the Government should review and update the definition of affordable housing. We are particularly concerned about those cross-cutting issues, and we have worked with the Treasury Committee, as mentioned in the report. This is not just an MHCLG issue, but a Treasury issue.
The hon. Gentleman said nice words about the Minister, who I know will be appearing before the Committee soon. The Minister knows his subject and explains it in a plain-spoken way. It is important that we do not have another change of Housing Minister; we need that certainty. I am looking forward to holding the Minister to account while he—we—delivers the draft Commonhold and Leasehold Reform Bill and deliver the homes we need.
Jim Shannon (Strangford) (DUP)
I thank the Committee for its deliberations, thoughts and recommendations. As the hon. Member for North East Hertfordshire (Chris Hinchliff) said, one thing that I am particularly pleased to see is that the Committee is trying to address the issue of stamp duty.
I can remember building my first house on the farm at home in 1987, and it cost £27,000. My son built his house on the farm some 25 years later, and it cost him £125,000. My youngest son now wants to build a house on the farm—the same house that my other son built—but it will cost £275,000. That is the same house, but it will cost £150,000 more than it did. This is a big issue for my constituents and for my family personally. We also have a cottage on the farm, so to help my son, we will let him have that and renovate it. That will probably make it a wee bit easier for him, but not everyone has that opportunity.
What consideration did the Committee give to co-ownership—in other words, owning half a house now and perhaps buying the other part later? What consideration did it give to smaller deposits? Smaller deposits and a lower bank mortgage rate might enable more people to buy houses—perhaps with some assistance from Government.
Mr Forster
My final answer is to thank the hon. Gentleman for attending a Westminster Hall debate; it is lovely to see him here. He highlighted that there is a slight age difference between us—the hon. Gentleman built a home and moved in 27 years ago; I moved into the first home that I have owned three years ago.
Mr Forster
It was 37 years ago—sorry, I lost 10 years for the hon. Gentleman.
Our report focused on the affordability of home ownership where people genuinely own the full home. We have previously done inquiries on shared ownership, which I am happy to send to the hon. Gentleman. The key thing we want the Government to do is look at how they can lower the cost of building a home. Inflation has had a notable impact on the cost of home ownership. The costs of owning a home and building a new home are too unreasonable, and I hope that the Government look at this issue and tackles it.
Backbench Business