The Redfern Review into the Decline of Home Ownership reveals that for 80% of people, home ownership is the preferred tenure.
Although it confirms that home ownership is important (for 80% of people home ownership remains the tenure of choice) the Redfern Review findings call for consistent focus on all housing tenures, to create a fair market that is accessible for all.
The financial squeeze on young people is at the heart of the decline in the number of home owners, according to the report.
The review calls for the establishment of an independent Housing Commission that can own this strategy and take a non-partisan approach to long-term housing decisions.
Amongst its conclusion on supply issue it calls for ‘decades of consistent supply improvements’ and a long-term plan to achieve this.
The Redfern Review, led by Pete Redfern, Chief Executive of Taylor Wimpey, is an independent report commissioned by Shadow Secretary of State for Housing, John Healey MP.
Pete Redfern said: “The detailed analytical work of the Review reveals the challenges that young people face in buying their first home and highlights the impact on them of long-term falls in relative incomes and ability to borrow.
“We must focus on supporting today’s younger generation and creating a genuine long-term housing strategy independent of short-term party politics if we are to improve the position in a sustainable way for future generations.”
Responding to the report, Shraga Stern, Director of housebuilder Decorean, said: “To meet the increasing demand of living in this country, housebuilders must continue to build but make sure that this is done so at an affordable rate for home buyers. This research highlights the overarching fact that the possibility of calling somewhere home is an increasingly less possible option for young people. Housebuilders and government bodies must work together to make sure that living in this country is desirable, but importantly, affordable.”
The full report is available here.