Labour launches review into home ownership

The Labour-backed Redfern Review dedicated to interrogating the causes of declining home ownership has had its official launch. The review was initiated by shadow housing minister John Healey and is being led by Taylor Wimpey chief executive Pete Redfern.

Alongside Redfern, the review panel is:

  • Terrie Alafat, chief executive of the Chartered Institute of Housing
  • Dame Kate Barker, former Bank of England Monetary Policy Committee member
  • Andy Gray, deputy chair of the Council of Mortgage Lenders
  • Ian Mulheirn, director of consulting at Oxford Economics

The review’s key themes are:

  • The specific constraints on buying your first home
  • The effectiveness of transitions in home tenure
  • Homeownership later in life
  • Housing supply
  • Short, medium and long term impact of the current policies.

A key principle of the review is that it will not seek to promote home ownership at the risk of a net loss of other tenures.

John Healey said of the review: “Young people aspiring to own a home have been the hardest hit. What used to be a natural part of growing up is becoming a luxury for those on the highest salaries, or whose parents have the deepest pockets. It would be Labour’s first priority in government to change that.

“The Redfern Review will take a hard look at the causes of the recent decline in home ownership, to help bring fresh ideas to the wider public debate on how we can get to grips with this problem.”

The review panel is due to report in late summer.

Image courtesy Tracey Perry/Freeimages.com

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