I will be brief, because we do not have a lot of time. Clearly, we are discussing a national issue and concern, but there can be no doubt that housing is the No. 1 issue for London. Last year, prices rose by about 10% on average. The average price for a first-time buyer in London is now more than £400,000. No one can argue that Londoners today are not being priced out of their own city. It is no longer just a social problem—that point has already been made in relation to another city—because it jeopardises London’s economy as well.
The bottom line is that we need to build more and we need to build for people across the entire income spectrum. It is no good taking a polarised approach with a zero-subsidy option on the one hand and social housing on the other. We need to ensure that the market can accommodate young professionals, key workers and the like—people who perhaps do not qualify for social housing.
I was pleased with the Government’s interventions last week, with an emphasis on shared ownership, which will work around the country and have a particular impact in London. There is also going to be a London version of Help to Buy, which has been a very successful scheme nationally, but less successful in London, because we live in a different world here. The prices are so out of kilter with the rest of the country that that bespoke offer will have an impact. Finally, we have the two-for-one amendment under discussion.
I have a few questions for my hon. Friend the Minister. Amendment 112 requires that two new affordable homes be built for every single high-value council home sold as a consequence of the extension of the right to buy. That is based on my amendment, as has been acknowledged, and I sincerely thank my hon. Friend the Minister for his diligence in making it work.