Private Rented Sector

Part of Opposition Day — [2nd Allotted Day] – in the House of Commons at 1:07 pm on 25th June 2014.

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Photo of Nicholas Boles Nicholas Boles The Parliamentary Under-Secretary of State for Communities and Local Government 1:07 pm, 25th June 2014

I am grateful to the hon. Lady for her intervention, as it is what I think is known as a soft ball, because this Government have of course done a great deal more than previous Governments to pull institutional investment into this sector. We have already identified in excess of £10 billion of equity that people are looking to invest in this sector. We have a £1 billion Build to Rent fund. We have £3 billion of guarantees for the private rented sector. The precise point here is that we will have some chance of pulling institutional long-term investment into higher-quality rental property if such investors have confidence that the rules of that market are not going to suddenly change and they are not going to suddenly find themselves being faced with unpredictable costs and capped rents. That is how we get institutional investment in, and it is precisely the opposite of what the Labour party is proposing.