L

Lord Sikka (Lab)

Speaking in the House of Lords on 17 December 2024

Debate

Building Homes

Contribution

My Lords, the average house price is 8.6 times the average household disposable income. Last week, the ONS said that only about 10% of the population could afford to buy a house. This means that the Government will have to find ways to drastically reduce property prices and/or drastically increase the workers’ share of GDP, which cannot be done without reducing the capital share of GDP. It would be helpful to know how the Government are going to proceed. The second part of my question follows from a Question I asked last week. On 11 December, I drew attention to some of the resource constraints on housebuilding and asked the Minister to “publish a detailed report showing how each of the constraints on housebuilding is to be alleviated”.—[Official Report, 11/12/24; col. 1762.] The Minister did not directly answer that question. I am assuming that someone somewhere has done some kind of risk analysis. If so, can the Minister now assure the House that the report will be published?

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