Review into housing market launched as figures show slump in homeowners under 35

The number of homeowners under the age of 35 has slumped by nearly 300,000 over the last five years, it has been revealed, as a major review into Britain's housing market is launched.

The independent Redfern Review is being led by Pete Redfern, chief executive of house builder Taylor Wimpey, and is being backed by John Healey MP, the shadow housing minister.

The review will look into the decline of home ownership, which is at it lowest level for nearly 30 years.

Analysis of Labour figures shows the number of homeowners under the age of 35 has dropped by 280,000 in the period between 2005 and 2010.

In 2010 there were 1,623,057 homeowners under the age of 35. That fell to 1,342,814 last year, amounting to an overall decline of 17%, according to the figures.

Meanwhile Halifax today reported house prices have surged to a record high of more than £212,000 on average in January.

Halifax said a mismatch between demand and supply had been putting a "significant" upward pressure on prices.