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Affordable Housing

The hon. Gentleman is quite correct: such money as has been spent has been focused primarily on improving old stock—sadly, almost entirely to the neglect of providing new stock. As we heard from my hon. Friend the Member for Hazel Grove, in the last five or six years, council-house waiting lists have soared from 1 million to 1.5 million. That has a huge effect, both on the price of housing at all levels and in terms of the human cost on individuals. It puts pressure on the market price, both to rent and to buy. For example, when people look for private rented accommodation because there is no social rented accommodation, it pushes the private rents up to unaffordable levels, or allows exploitation by unscrupulous landlords. Equally, some people buy second, third or fourth properties to rent, as an investment. I seem to recall that the Prime Minister bought two or three flats in Bristol for precisely that purpose. That also drives up prices in the property market. The lack of social housing has a detrimental effect, both on private rent levels and on private house prices.