The UK’s economic output could be boosted by £11.9bn if an extra 100,000 new homes were built each year, according to a new report from The Home Builders Federation and Nathaniel Lichfield & Partners.
Data also shows that the housebuilding industry contributes £19.2bn a year to the UK economy, supports 600,000 jobs and generates £1.4bn in tax revenues.
The report calls for all parties to recognise the significant benefits building these houses could bring, beyond simply alleviating the shortage of homes in the country.
The HBF has drawn up an action plan for boosting housing supply. Among the proposals are the extension of Help to Buy until 2020, a review of the community infrastructure levy and addressing a lack of resources dedicated to local authority planning and legal services.
HBF executive chairman Stewart Baseley said: “As well as providing desperately needed new homes, increasing house building would deliver massive additional benefits to communities across the land. People often don’t realise that the new community centre or school or football pitch has been paid for as a direct results of new homes. Providing new homes for people also means better facilities for the wider community.”
