Homes Bill debate
Ms Oona King (Bethnal Green and Bow): The Homes Bill is one of the Government's most important pieces of legislation. Few circumstances cause more hardship than not having a decent and affordable home, and few things are more scarce in my constituency than decent and affordable homes.
Part I of the Bill introduces measures to help house buyers. The reforms are designed to make house buying faster, simpler and more transparent. Unfortunately, many of my constituents will never be able to enjoy the safeguards that the Bill offers because they are not in a position to buy or sell houses. They live in a borough that has some of the lowest income levels and the highest house prices in the country. It never ceases to amaze me, but last year a four-bedroom terraced house in Wapping went for more than £600,000. As we have heard, the average price of a house in London today is £150,000. To afford a 95% mortgage on such a property, a person would have to earn more than £47,500 a year. That is enough to make even MPs reconsider their financial position.
