Baroness Neville-Rolfe praised Chris Philp MP's "fine report" for the Centre for Policy Studies during a debate in the House of Lords last week. The debate, held Thursday 12 January, was focused on the performance on the UK's house builders and what could be done to encourage more house building across the country.
Baroness Neville-Rolfe's contribution highlighted several key findings of Philp's report:
"In the 38 years from 1970 to 2007, housing starts averaged 234,000 a year. They declined to 125,000 in 2009 and were still only 192,000 in 2016-17. There is a huge shortage of housing in London and the south-east that has built up for nearly 20 years, with a cumulative undersupply estimated at 439,000 homes. There are now 1 million more people living with their parents than in 2000 and all too frequent cases of immigrants living 10 to 15 in a small house.
Housing costs are very high, especially in and around London and, as has been mentioned, it takes 10 years for a first-time buyer to save for a deposit. Yet home ownership remains a near universal aspiration, and the net present value of owning compared with renting is materially better on all reasonable assumptions, so young people are right to feel anxious."
Chris Philp MP's report, "Homes for Everyone", was published by the Centre for Policy Studies in December 2017 and can be read here.