§ 72. Mr. WallTo ask the Secretary of State for the Environment if he has made any estimate of the rate of decline in the number of private tenancies since the introduction of the Housing Act 1988.
§ Mr. ChopeNo. The fundamental reason for the introduction of part I of the Housing Act 1988 was to increase the supply of privately-rented accommodation. It is too early to make a firm assessment as to the impact of the new regime on the rental market. We shall be carrying out detailed evaluations as soon as practicable. But initial impressions are very encouraging. In particular, it is estimated that more than £350 million has been invested in business expansion scheme companies letting homes on assured tenancies. With an average price of £50,000 per property, that means an extra 6,000 to 7,000 homes available for letting.