I completely recognise the huge support for inward investment in the country that my right hon. Friend has promoted and encouraged, and he will continue to, I am sure.
We should put on the record the fact that in 2013, the Bank of England estimated that foreign buyers represented some 3% of the total residential property transactions in London. Savills said, again in 2013, that the current level of sales to overseas buyers is the same proportionately now as it was in 1990. It is important to put things in context, so that individuals do not race away with another idea that some of the issues associated with affordable housing are about foreign people coming to our country. Foreign people are coming to our country and investing in our infrastructure and our housing.
In conclusion, I genuinely appreciate the time taken on this issue by my right hon. Friend and hon. Friend. I am sure that my right hon. Friend the Member for Cities of London and Westminster will make representations to other parts of Government about his ideas. I reassure him that, from my time as Housing Minister I know that the Mayor of London takes the issue of affordable housing extremely seriously. I am sure that through working with partners such as Westminster and through the leadership that my right hon. Friend has taken on this issue, we can begin to address this need—and there is a huge need—for both affordable and private sector quality houses for the people of London.
Question put and agreed to.
4.56 pm
Sitting adjourned.