Housing: Private Rented Sector

Lord Clark of Windermere Excerpts

Thursday 14th June 2018 Lords Chamber

[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.

[Lord Clark of Windermere (Lab)]

My Lords, the Minister has indicated that there has been a considerable increase in the buy-to-let market. The informed newspapers say that it is drying up. Are they wrong?

[Lord Bourne of Aberystwyth]

My Lords, if I may slightly correct the noble Lord, I said that there was great growth in the private rented sector generally. I think it is fair to say that there has been a slowdown in the buy-to-let sector. Some of that is in response to tax changes, but I think it has stabilised now.