Thursday, 24 November 2016

The Redfern Review Into The Decline Of Home Ownership

The review reflects John Healey’s determination to put widening the opportunities for home ownership at the heart of Labour’s approach to housing. It is a significant development in the Labour Party’s housing policy for a tenure group that it is often ignored by the Left. The review takes the view that the fall of home-ownership in England from 71% to 60% frustrates the legitimate desire of most people to own their own home. There have been too many short term initiatives in housing policy. Solutions seeking to improve home ownership without considering the impact on other tenures will be unsuccessful. The reasons for this decline are several. Real house prices rose by 151% from the end of 1996 to the end of 2006, while real earnings have risen only about a quarter as much as that. The growth of buy to let mortgages and the global economic crisis have also contributed. Read more on the Red Brick blog.

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