SELF INVESTED PERSONAL PENSIONS AND AFFORDABLE HOUSING

Motion Text

That this House believes that the Treasury's plan to extend the opportunity for Self-Invested Personal Pension Plans (SIPPs) to invest in residential property from April 2006 will represent a very significant inducement for purchases of second and holiday homes in rural areas which will drive up house prices in areas with a serious shortage of housing for local people; and calls upon the Government to reconsider its proposal and to amend regulations so that SIPPs is extended only to investors in portfolios of properly managed schemes for shared equity, mutual ownership, rented and other affordable housing schemes for local people.