Lord Cryer
Main Page: Lord Cryer (Labour - Life peer)Department Debates - View all Lord Cryer's debates with the HM Treasury
(11 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sajid Javid
My hon. Friend is right to raise that issue. He will have upmost in his mind the fact that under Labour, house building fell to its lowest levels since the 1920s. The Government are supporting hard-working households who have saved but who do not have a large deposit from the bank of mum and dad to help in buying their own home. The Help to Buy equity loan scheme he mentioned will help 74,000 families and has already helped 4,000. My hon. Friend will be pleased to know that 20% of the £1.8 billion of additional funding we have promised for affordable homes will go to shared ownership.
John Cryer (Leyton and Wanstead) (Lab)
Will the Help to Buy scheme help to increase the supply of housing? I am not talking about buying capacity; will it specifically increase the supply of housing?
Sajid Javid
The short answer is that it most certainly will, and it has been welcomed by the Home Builders Federation. I am pleased that the hon. Gentleman is now concerned about the issue. House building fell to its lowest levels since the 1920s under the previous Government. The number of affordable homes decreased by 421,000 over 13 years and local authority waiting lists almost doubled from 1 million to 1.8 million under Labour—a shameful record.