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Taylor Wimpey CEO to review housing for Labour

Taylor Wimpey CEO to review housing for Labour

Peter Redfern, the chief executive of Taylor Wimpey, has agreed to carry out an independent review into home ownership for the Labour Party.

The review has been asked to report back to the Labour Party’s housing minister John Healey by next summer.

It will look into the root causes of the decline in home ownership in the UK.

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Mr Redfern said: “Enabling more British people to own their own homes is fundamental to creating a flourishing society and is an issue that has a profound impact on the country.

“This is not about politics, it affects us all. I feel strongly that home ownership has never reached the right level in our society.”

A report by the Labour Party published shortly before its conference, taking place in Brighton this week, found that based on current trends the average 20 per cent deposit would nearly double to £76,000 by 2020.

There would also be 508,000 fewer homeowners than in 2010.

Mr Healey told the Labour Conference: “More than four in five of us, aspire to own our own home.

“Yet home ownership has fallen each and every year over the last five years. Now at the lowest level for nearly three decades. And for those under 35, it’s down by over a fifth.”