Housing and Planning Bill (Seventeenth sitting)

Matthew Pennycook Excerpts

Thursday 10th December 2015 Public Bill Committees

[Dr Blackman-Woods]

I am saying that the problem is particularly acute in London, but housing stress and difficulty getting on the housing ladder not only affect people in London. It happens in a lot of our cities, and it happens in rural areas, too. There is a particularly acute situation in London, which I will talk about in a moment or two.

[Matthew Pennycook (Greenwich and Woolwich) (Lab)]

I thought I would give my hon. Friend a useful illustration from my constituency. Overseas buyers regularly turn up at City airport, get the docklands light railway over to Greenwich and buy off-plan—not buy to let but off-plan, and sometimes in cash—just to hold the property as an asset, rather than seeking to rent it out.

[Dr Blackman-Woods]

I am very grateful to my hon. Friend for that extremely helpful intervention highlighting some of the difficulties in London, which enables me to respond further to the intervention of the hon. Member for Peterborough. The autumn statement included some measures that might affect buy to let. We do not know what the full outcome of those measures will be, but they do not address the issue of overseas investors buying up properties to keep them empty.