Mark Prisk
Main Page: Mark Prisk (Conservative - Hertford and Stortford)
Brandon Lewis
Given that average tenancies have increased to almost four years, I think that we have already achieved what we needed to achieve and that the hon. Gentleman should be saying, “Well done!”
Mr Mark Prisk (Hertford and Stortford) (Con)
I draw the House’s attention to my entry in the Register of Members’ Financial Interests.
Despite what we have just heard, the evidence from abroad is that the best way to create a more professional private rented sector is actively to encourage pension funds and the long-term institutions to invest for the long term. Given that, may I strongly encourage the Minister to ensure that all our policies—taxation and otherwise—now encourage that long-term investment, not short-term capital gains?
Brandon Lewis
As the House will know, my hon. Friend has a wealth of experience in this matter, and he is absolutely right. We have worked hard to expand the private rented sector, and we want it to grow further and not be threatened by the risk of Labour’s rent control. That is why we have £10 billion of housing guarantee schemes and have allowed the industry to unlock borrowing at the lowest rate in its history. We also recently announced a further £3.5 billion package to promote long-term institutional investment, which holds prices well and brings better and well-managed properties into the market.