The Redfern Review launchNovember 18, 2016
The Redfern Review, launched yesterday and led by Pete Redfern, Chief Executive of Taylor Wimpey, is an independent report commissioned by Shadow Secretary of State for Housing, John Healey MP, supported by an advisory panel of Terrie Alafat CBE, Dame Kate Barker CBE, Andy Gray, and Ian Mulheirn.
It is the first major review of home ownership in over a decade and finds that the financial squeeze on young people is at the heart of the decline in the number of home owners. The review calls for a long-term, cross-party approach to housing issues.
London First were pleased to facilitate a member roundtable with Pete Redfern which covered a range of issues and emphasised that London is a distinct housing market from the rest of the UK.
The key findings and recommendations of the review are:
- Home ownership is the tenure of choice for 80% of the population
- The decline in home ownership has been steepest amongst young people – over 20% in 12 years
- The two biggest drivers of the fall in home ownership since the financial crisis in 2008 have been the marked relative fall in incomes of would-be first time buyers and their access to mortgage finance
- Although home ownership is important, to create a fair market that is accessible for all, the government must focus consistently on all housing tenures
- Housing market solutions need to be consistent and long-term, which will require open, constructive cross-party dialogue
- The government should establish an independent Housing Commission that can own this strategy and take a non-partisan approach to long term housing decisions
- If conditions remain broadly the same, the rate of decline in home ownership should stabilise in the near term, giving a sound basis for future, sustainable improvement
Full report here http://www.redfernreview.org/
Contact: Jonathan Seager, email@example.com