Lord Taylor of Warwick – 2016 Parliamentary Question to the Department for Communities and Local Government

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-10-03.

To ask Her Majesty’s Government what assessment they have made of the claim by the Intergenerational Foundation that high house prices increased segregation in society.

Lord Bourne of Aberystwyth

We accept that our failure for many years not to build enough homes has serious consequences. House prices have risen faster then incomes; while renters are paying, on average 50 per cent of their income in rent which makes saving for a deposit all the more difficult. This means that the dream of home ownership is further away for younger people today when compared to previous generations.

This Government is committed to solving the housing crisis by every means possible. That means taking action to ensure that we build more homes in this country. We have doubled the housing budget to almost £20 billion over the next five years, including £8 billion to deliver over 400,000 affordable homes by 2021.

We have also taken steps to help people on the path to home ownership. Our Help to Buy: Equity Loan has helped over 91,000 households to buy a new-build home since the scheme was introduced in 2013. 81 per cent of these sales have gone to first-time buyers.

But we recognise the need to go further. That’s why we launched the £3 billion Home Building Fund that will help deliver 225,000 badly-needed new homes on sites throughout England. Further measures will be included in a Housing White Paper later this autumn.