Number of home owners under 45 drops by 850,000 in just six years

Number of home owners under 45 drops by 850,000 in just six years

The Labour Party claims there has been a strikingly large reduction in the number of under-45s who own a home - down 858,000 in the past six years alone.

The revelation came in a fringe meeting previewing the Redfern Review, the Labour-inspired but independently-conducted review into the decline of home ownership; the report is expected to be released later this autumn. 

At a fringe meeting at the Labour conference in Liverpool, former housing minister John Healey - who was one of the many Labour MPs to resign from Jeremy Corbyn's front bench in the so-called 'corridor coup' at the start of the summer - spoke of his party's commitment to home ownership.

"A million more households became home-owners under the last Labour government but home-ownership has plummeted under the Tories. I'll always fight for more council and public rented homes, but Labour's fight must also be to stop home-ownership becoming an option only for the rich," Healey told the meeting.

"It's why Jeremy Corbyn was right to take Theresa May to task on the Tories' terrible record in his first PMQs after the summer. Our Party's pro-ownership conviction wasn't invented by New Labour. For more than half a century it's been one of Labour's guiding aims to give people on ordinary incomes the opportunity to own a home," he went on. 

"Today Labour must once more give young people on middle incomes the chance to own a home where the Tories have so badly failed."

Although Labour's official shadow housing spokesperson is Theresa Pearce, Healey is widely regarded as being one of the most authoritative experts on housing in the House of Commons.

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