Help to Buy — Wales

Part of 1. Questions to the First Minister – in the Senedd at 2:08 pm on 8 May 2018.

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Photo of Carwyn Jones Carwyn Jones Labour 2:08, 8 May 2018

I agree, but I think it's about more than that. The most difficult part of the housing market in the UK is that people have become used, over many, many years, to seeing a house as an asset—as something that potentially could be something where they could see an increase in their financial investment, or something for their children. It doesn't happen everywhere else, in other countries. Quite often, in some countries, renting is seen as the norm and property isn't seen as something you invest in. But it is, in reality, the case that people do invest in houses with the expectation that prices will go up. The question is getting the balance right: prices will go up, but it's making sure they don't go up at an astronomical rate, and that means increasing the supply. He's quite right about that. But it's about making sure that the supply properly matches the demand that's there. There's no point increasing the supply of high-end housing if the market isn't going to help those people who are at the lowest end of the income scale, which is why I've always emphasised the fact that, yes, we need social housing, yes, we need to make sure that there is more good private rented accommodation, yes, we need more houses for purchase, but we also need to look at other ways in which people can get a stake in property without having to buy a house outright, which would be beyond them financially.