Hyde Group has released new research saying that each one of its social tenancies contributes £16,906 a year to the UK economy.
The housing association’s report – The value of a social tenancy – says that, in total, its 50,000 social tenancies add £607m to the economy. There are 4.1m social tenancies in the UK.
The research says social tenancies not only offer a secure roof under which to live, but save the taxpayer millions of pounds in areas including education, policing and local authority expenditure.
Produced by Bates Wells Braithwaite and verified by PwC, the report calculates that Hyde’s tenancies:
■ Save the NHS £93m through such things as fewer GP and A&E admissions
■ Save local authorities £52m by reducing temporary forms of accommodation
■ Save the DWP £14m through reductions in Universal Credit claims
■ Save the education system £10m by helping more children attend school
■ Add £172m to the economy through additional economic productivity
■ Save the police and criminal justice system £55m through fewer call-outs
Elaine Bailey, chief executive of the Hyde Group, said: “Social housing not only saves the country money, but has a positive impact on the economy and improves people’s life chances.”
The full report and its methodology can be viewed here.
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