Review into the decline in home ownership

Industry News

Review into the decline in home ownership

by on Tuesday 23 February, 2016 in Industry News


Pete Redfern, Chief Executive of Taylor Wimpey and Labour’s Shadow Minister for Housing and Planning, John Healey MP, have launched a public call for evidence into the decline of home ownership.

Known as The Redfern Review, it is an independent review into the causes of falling home ownership and the future direction of home ownership trends. Its main objective is a critical review of the environment for home ownership and ways in which it can be improved.

As the UK economy has emerged from the global banking crisis and recession, one would think that opportunities to buy should be increasing yet home ownership levels have fallen every year and the number of people with a mortgage in 2014 was 10% lower than in 2010.

The Redfern Review will analyse the decline in homeownership by initially focusing on five main themes, reviewing the main factors that are driving this trend:

▪       The specific constraints on buying your first home.

▪       The effectiveness of transitions in home tenure.

▪       Home ownership later in life.

▪       Housing supply.

▪       Short, medium and long term impact of the current policies.

 

Views are being sought from all interested parties, especially to answer the following key questions:

  1. What are your thoughts on the level of home ownership in England and Wales and how it may have changed since the turn of the millennium?
  2. What do you consider to be the main drivers behind the decline in home ownership levels since 2001?
  3. What are the challenges facing first time buyers?
  4. What are your thoughts on general attitudes to home ownership in England and Wales?
  5. What challenges do those later in life face with regard to maintaining home ownership?
  6. What do you consider to be the impact of the increase in retirement age and the prospect of a worsening DB pension on the wider housing market and home ownership for this demographic?
  7. How do you think adult children living in the family home longer are having an impact on the wider market?
  8. What are the primary reasons for the undersupply of housing in the UK?
  9. How do current local/government policies encourage or restrict levels of home ownership? Are current policies sustainable?
  10. What support is given to assist those in transition between tenures i.e. private rent into home ownership, or shared equity into full ownership?
  11. What are your thoughts on products such as shared ownership? Has their launch been a success?
  12. What are your views on how the levels of home ownership could be increased?

 

The Review is expected to report in early September 2016, responses should be submitted by Friday 18 March 2016. A dedicated website has also been launched where you can have your say.

> Have your say

 

Tags:

home ownership, industry news, moving homes,

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