Carol Nolan on Housing: Calls for Balance Between Investors and Local Builders
Carol Nolan spoke on 15 February 2022 about private investment in the housing market, arguing for balance rather than blanket opposition. She urged support for small contractors and warned that large institutional investors create a power imbalance that pushes prices beyond reach for many renters and potential homeowners.
Support for small contractors
She said the state should reward and help the small contractor and the local builder who want to tender for contracts with a local authority so they can provide homes for their communities. Nolan argued that these builders can build up their workforce, deliver local employment and offer valuable contributions to the local economy.
Proportion and balance in private investment
Nolan rejected an automatic stance that all private investment in housing is bad, calling that an absurd position. She emphasised that the issue is one of proportion and balance when assessing private involvement in housebuilding and rental provision.
Concerns about institutional investors
She warned of a major power imbalance in favour of large institutional investors, saying they can exploit the state's slow delivery by offering what she called "manna from heaven" in the form of homes. Nolan argued that such investors often set prices that put ownership beyond the reach of many ordinary workers and young couples.
Impact on rental and property markets
Nolan said the resulting distortions in the rental and property markets work to the detriment of workers, families and struggling home buyers. She urged action to address these distorting elements and to reform how small contractors can effectively tender for state contracts.
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Minister, I am happy to have the opportunity to speak on this very important issue. We know that people are really, really struggling and getting it very hard, particularly working families, to make ends meet. I will say at the outset though that I have no intention in engaging in a game whereby any or all private investment in the housing market is automatically a bad thing because I do not feel that that is the case and that is an absurd position to adopt. What I will say, however, is that like so many areas, it is a matter of proportion and balance. For example, we should be rewarding and helping the small contractor and the local builder who want to tender for contracts with a local authority so that they can provide homes for their communities and build up their workforce, thereby offering much valuable local employment. And that is an issue that we must get to grips with how we allow the small contractor who can provide work and who can build houses to effectively tender for state contracts. These people have their roots in communities and they do actually have something valuable to offer in terms of the local economy and in terms of much needed employment. It is evident that there is a major power imbalance and unfortunately all the power is on one side. In many ways these large institutional investors do have us over a barrel. They know we have a housing crisis. The state is slow to build and so they come in offering manna from heaven in the form of much needed homes. But then the prices are simply made out of the reach of so many homeowners or potential homeowners and young couples and ordinary workers. We must address the distorting element of all of this, particularly for the rental and property markets, which, as the motion says, is to the detriment of workers, families and struggling home buyers. All of this. Welcome back to the ... .... ... ... ... ...
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