Politicians must unite for housing strategy - Redfern Review

Politicians must come together to alleviate a series of challenges preventing young people getting on the housing ladder, according to a report for Labour.

The review - by Pete Redfern, chief executive of housebuilder Taylor Wimpey (LSE: TW.L - news) - said declining incomes, tougher credit constraints for first-time buyers and rapid house price increases had contributed to a 7% fall in home ownership in England between 2003 and 2014/15.

He recommended the main political parties come together to agree housing targets of up to 20 years to bolster confidence among developers - especially for larger projects.

The Redfern Review said an independent housing commission, aimed at boosting home ownership levels over the long term, would monitor price trends and recommend policy adjustments.

The review was released hours after the Government unveiled figures showing house building in England was at its strongest level for eight years.

But it has admitted construction is still falling short of the mark, after it last week announced financial help for planners in a bid to accelerate the green light for developments.

Housing minister Gavin Barwell has previously told Sky News that the Government is on course to miss its target to build one million new homes by 2020.

Mr Redfern said today: "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."

Shadow housing secretary John Healey, who commissioned the study, said: "Housing is at the heart of widening wealth inequality in our country.

"Labour is determined to get to grips with the falling number of home owners and this review gives us, and politicians of all parties, the foundation to do that."