A new report, titled Homes for Everyone, has suggested that planning reforms, such as setting aside a certain number of new build homes for UK residents, would help increase homebuilding activity and promote home ownership.
With rates of home ownership on the decline among young people and first time buyers typically taking 10 years to save for a deposit, the report contains proposals for how to increase housebuilding output and ensure that many of the completed homes go to first time buyers.
The report, which was authored by Chris Philp, MP for Croydon South, also includes new research into the long-time shortage of homes across all UK regions and presents a social and economic case for home ownership.
It states that the gap between the number of homes needed and the number being built stands at 76,000 annually. Approximately 40,000 per year are in the capital while there are 10,000 each in the East and Southeast. Since 2000 the cumulative housing shortage has reached 96,000 in the South-East and 343,000 in London.
Homes for Everyone states that over a period of 25 years, homeowners will be £100,000 - £300,000 wealthier than a renter. It also claims that in London, the number of housing starts has gone down under the current mayor, and that more new homes are being sold to foreign buyers.