A report on the UK's housing sector has called for a "long-term strategy" to be drawn up across all political parties to alleviate pressures on the industry.

The review, by Chief Executive of Taylor Wimpey Pete Redfern, revealed the rate of home ownership has "fallen significantly" by 7.3% since it peaked in the early 2000's.

While Government figures reveal over 189,000 new homes have been built this year, Mr Redfern said developing long term increases in housing supply over the next 20 years will be needed to reduce overall housing market pressure.

In addition, Mr Redfern recommended creating a framework for long-term housing policy decisions while suggesting he believes recent policy changes to the planning system "will have significant beneficial effects" on the quantity and relevance of new housing supply.

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In the review, Mr Redfern said: "On home ownership, our key finding is that the drivers of the reduction in home ownership over the last 12 years are macroeconomic, and closely connected with the relative financial strength of young people compared to older generations.

"We can make policy changes in housing that help mitigate some of these impacts, but if these trends continue, then the long-term impacts will not be limited purely to housing. We also conclude that it is vital that policy focuses consistently on all tenures rather than just private home ownership."

Dan Wilson Craw, policy manager at campaigning organisation Generation Rent, said the Review's finding "don't fit completely with our views".

However, he said it does make a number of "sensible recommendations", such as:

• No home ownership target

• A taper of the Help to Buy scheme to target only first-time buyers

• Providing "a healthy and stable renting environment"

• Applying the discount on Starter Homes in perpetuity

• The need for stable house price inflation

He said: "The Redfern Review is commendable, but the scale of the housing crisis demands more bold ideas if we want to reduce rents to an affordable level, on a timescale that helps those who are struggling now."

(LM/CD)