Young is to become director of a regeneration unit, working with managing director Tony Carey. She will take up her post at St George Regeneration at the end of April.
Insiders say the poaching by St George is an attempt to steal a march on competitors by responding to the government's housing agenda and issues identified by the urban taskforce.
Young is one the few high-profile women in the UK construction industry, and brings more than 25 years of experience in the public and private housebuilding sector to her role.
One industry source said: "St George knows which way the wind is blowing in terms of pronouncements from the taskforce on mixed-use and brownfield development and urban regeneration.
"Young has a wealth of experience in dealing with local authorities and delivering schemes. The firm obviously feels her knowledge will help create more development opportunities." Industry sources said Young's departure is a major blow to Lovell, which has struggled through the 1990s, making huge losses.
St George knows which way the wind is blowing in terms of urban taskforce pronouncements
Industry source
The firm has been revived under chief executive David Heppell, partly on the back of social housing work brought in by Young in her role as business development director.
Young's CV includes 16 years in local government, first at Birmingham City Council and then Sheffield council, where she was assistant director of housing.
In 1989, she moved to the private sector, joining Wimpey as urban renewal manager in the Manchester office. Later, she was transferred to its housebuilding arm in London. She joined Lovell in 1996. Young also sits on the shadow board of the Housing Forum, John Prescott's vehicle for implementing the Egan report in the housebuilding sector.
Young said: "I've enjoyed the last few years travelling around Britain, but I have missed working in London." She added that the government's programme for regeneration required commercial success and expertise.
