I declare my interest as a director of a shared ownership property portal and a mortgage broker. I want to make a couple of points about second-hand supply, which is often overlooked, and about estate regeneration, for which the Prime Minister has set out a very bold agenda. All the statistics show that there is a record low in the number of instructions to estate agents in the second-hand market. That is actually one of the main crises that we are facing, because the second-hand market forms such a large part of the market.
However, there is evidence that hope might be around the corner. We have recently heard a prediction from the National Landlords Association that 500,000 extra properties will come on to the market this year because of the buy-to-let tax changes and other changes that we are bringing in. I will put my neck on the line here and say that those measures represent the single most radical change that this Government have introduced so far, in the light of the wider impact that they will have. It is extraordinary to note, however, that just as it appears that those changes could have an impact, someone out there is going to go to court to try to stop them. I am of course talking about Cherie Blair. Looking at Blair Inc., we see that when Tony Blair finished as Prime Minister, he went round the world advising dodgy dictatorships, and that Cherie Blair is now going to lead a court action on behalf of, and defending, the rentiers. That is an interesting legacy indeed. It proves that champagne socialism is not yet dead.
On the regeneration agenda, I am proud that the Prime Minister has seized this important opportunity. He has set out plans to provide £140 million to transform 100 of our very worst estates. The theory behind estate regeneration is clear: it is that we can rebuild the very worst estates in the country and yet deliver a higher density of homes, thereby providing more housing for those who need it. That is an incredibly powerful agenda. Some will say, “Well, that all sounds very good in theory, but in practice those are people’s homes.” Developing those estates is not easy.
As the chairman of the all-party parliamentary group on housing, I have had the privilege of visiting two major estate regeneration schemes in recent weeks: Woodberry Down in Hackney, and Elephant Road at the Elephant and Castle. In both cases, I saw the practical reality on the ground: we have rebuilt terrible sink estates with higher density housing of better quality and with a better eco-rating. We should be seizing this agenda. There is a link between the changes that we are bringing in on buy to let and the estate regeneration agenda.