"Redfern review says first time buyers' low wages and lack of mortgage availability have contributed to plummeting home ownership rates"
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"Soaring house prices and plummeting home ownership rates in the UK have not been driven by a lack of new housing construction, a Labour party-commissioned review has found, contradicting conventional wisdom on the nature of the housing crisis.
"The Redfern Review, published today, states, instead, that the biggest drivers of the large increase in house prices over the past two decades have been rising incomes, falling interest rates and, more recently, a lack of mortgage finance availability for first-time buyers and the weakness of this group's income growth.
"It also warns that even substantially increasing the supply of new homes will not directly improve the home ownership rate in the near term.
"“New household formation and supply have been broadly in balance over the last 20 years and therefore the significant increases in house prices over that period have not been driven primarily by supply constraints,” it concludes."
Plus:
The Guardian:
"Redfern review into housing: worth building on?"
"Taylor Wimpey chief’s Labour-backed study offers little fresh insight, but contains ideas Theresa May could consider pinching."
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