Pensions  

House price rises could help ousted MPs

House price rises could help ousted MPs

Ousted pensions minister Steve Webb and his shadow Gregg McClymont could still benefit from house price rises in their former constituencies if they own homes in the area, figures have shown.

Data from HouseSimple showed that the average house price in Mr Webb’s former constituency, Thornbury and Yate, reached £235,356 in April 2015 compared to £208,298 in April 2010.

According to Official for National Statistics figures, as of 2013 the average house price in his former constituency was £212,000.

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Gregg McClymont, who served as shadow pensions minister for the Labour party, saw the average house price for his former constituency, Cumbernauld, Kilsyth and Kirkintilloch East, rise from £113,133 in 2010 to £122,574 in April 2015.

Mr Webb, whose tenure as pensions minister saw April’s reforms introduced, has been replaced by consumer champion Ros Altmann.

In a Facebook post Mr Webb thanked his supporters, saying: “It has been a privilege to serve our area for the last 18 years in parliament.”

In the Inverness, Nairn, Badenoch and Strathspey constituency, which was lost by Danny Alexander, the former Lib Dem chief secretary, the average house price rose from £199,579 to £211,112.

In November 2013, an investigation by a national newspaper revealed that 340 MPs had been claiming heating expenses on their second homes. Neither Mr McClymont nor Mr Alexander had claimed.

Adviser view

Wesley Davidson, director of Bristol-based Fox Davidson, said: “It will be interesting to see what measures are brought in to encourage more homes to built.

“I fear not enough can be done and it will be this factor that mainly drives up property prices over the next five years.”