Building a recovery in the new year
Tackling housing crisis will bring investment of £1.2bn and create 215,000 jobs
Research released today reveals that building the homes required to meet Government’s projections of need would mean £1.2 billion of investment annually across the country and the creation of over 215,000 jobs.
The Home Builders Federation’s report, Reconstructing Our Regions, for the first time unveils the clear economic benefits of meeting housing need and tackling the housing crisis.
The report analyses the potential impact of the Government’s New Homes Bonus incentive to local communities and the upturn in employment in housing construction seen if local areas build the homes needed to meet the Government household projections over the next two decades.
It comes as the housing crisis worsened; last year saw the lowest number of homes built since 1924 and almost five million people on the social housing waiting lists. It also saw a record low number of first time buyers, with more and more people in their 30’s staying with their parents.
Meanwhile Local Authorities have seen their funding cut severely – by 27% over the next four years – and unemployment passed two million this year. This demonstrates the importance of new house building for all communities and local economies across the country.
HBF Executive Chairman, Stewart Baseley, said
“Building houses is a win-win for communities across the country. Not only will families get the homes they need but local employment and increased investment will be boosted.
“Economic growth is fundamental to a successful recovery and housing has a huge role to play – I urge Local Authorities to reap the rewards of development and start building the homes the country needs.”
(The positive impact of house building on jobs and Government investment is shown in the table below.)
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Notes to Editors:
1. The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk
Additional Direct Jobs Created and Central Govt Investment Received if House Building Matches Projected Need
Annual Additional Jobs
Annual Potential New Homes Bonus Investment
Yorkshire & The Humber
3. Nearly a third of men and a fifth of women aged 20-34 now live with their parents