Finally, the gracious Speech included a commitment to promote fairness and transparency in the housing market. Housing is increasingly unaffordable and it is therefore not surprising that home ownership among younger people has declined in recent years and the number of young people in the private rented sector is on the increase. We have made some good progress, with nearly 190,000 new homes delivered last year, but we need to sustain that momentum to meet the affordability challenge. All credible sources agree that we need between 225,000 and 275,000 new homes per annum to tackle this problem. In order to make all types of housing more affordable, the Government will implement proposals in the housing White Paper to help to ensure that more homes are built.
As well as taking action to make buying a home more affordable, the Government will also take forward measures to help people who are renting. We will bring forward a draft Bill to stop tenants being charged letting fees. This will mean that tenants can see, at a glance, exactly what a given property will cost them, ensuring they are not hit by surprise fees which they may struggle to afford.
The Government are committed to building a safer, fairer and more prosperous society. The measures set out in the gracious Speech will help us deliver just that. Over the two years of this first Session of the new Parliament, I look forward to debating with your Lordships’ House the many Home Office measures which I have outlined.