First-time buyers, Black Friday, tax avoidance and unemployment

First-time buyers need more help to put an end to the decline in home ownership, according to a report from the chief executive of one of Britain’s largest housebuilders.

Long-term building targets were also needed to avoid ‘kneejerk’ policy moves, the Redfern Review said. According to the BBC, the study found home ownership rates in England dropped from 71 per cent to 64 per cent over 12 years, with the steepest fall among young people. Labour commissioned the report. It said the findings revealed a ‘lost generation’. Among 25-34 year olds, the rate of home ownership fell from 59 per cent in 2003 to 37 per cent in 2015. The review was led by Pete Redfern, chief executive of Taylor Wimpey, who conducted the investigation in a personal capacity. Meanwhile, The Guardian reports that Barratt Developments, one of the UK Britain’s biggest housebuilders, has begun cutting prices on some of its priciest London homes because of waning demand at the top end of the market.