East Midlands: House builders providing more than just homes as huge additional benefits are revealed
A new report from the Home Builders Federation, The Economic Footprint of UK House Building – East Midlands, has revealed for the first time the full extent of the contributions that house builders provide as a result of building new homes in the East Midlands. And with the region still not building enough homes compared to its need, the report also highlights just what the East Midlands is missing out on.
Last year in the East Midlands, 13,190 homes were started by private house builders, the public sector and housing associations. Based on the findings of the report, the economic footprint of this house building meant that:
56,717 jobs were supported528 graduates and apprentices positions were created567,170 new trees or shrubs were planted£21,196,330 was contributed towards education in the area£16,962,340 in extra council tax revenue was generated plus £131,900,000 in other tax contributions£12,345,840 towards new open spaces, community spaces or sports facilities, or enhancing existing resources was paid to Local Authorities3,034 new affordable homes were builtPayments of £292,066,170 were made to local authorities for further provision of new affordable homes
While house building is increasingly being recognised as a key driver of economic growth, there are still not enough new homes being built in the region. In the East Midlands, this manifests itself as a shortfall of 1,793 homes every year. If the region was to meet this need, the knock-on economic benefits would be:
7,709 jobs created72 graduates and apprentices positions created77,095 trees and shrubs planted£2,881,190 towards education in the area£2,305,669in extra council tax revenue£17,929,000 in extra tax contributions£1,678,154 contributed to open spaces, community, sport and leisure facilities412 affordable homes builtPayments of £39,700,185 to local authorities for further provision of new affordable homes
Commenting on the release, Stewart Baseley, executive chairman at HBF, said:
“House building makes a huge, but largely hidden, social and economic contribution to the East Midlands. And whilst housing output in the region has increased, we are still not delivering anywhere near what is needed. As well as delivering desperately needed new homes, increasing housing supply would deliver significant additional benefits for everyone living in the region.
“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. In this region alone, new homes have led to significant investment in schools and training via developments at Burton Latimer, Whetstone and Wellingborough and a new school in Brailsford.
“Ultimately, providing new homes for people also means better facilities for the wider community. These are the very things that turn a collection of houses into communities; brand new places where people want to live.”
Neal Hudson, Associate Director at Savills, also commented:
“Our analysis of historic house price growth shows that many local housing markets actually perform more like regions other than the one in which they are physically located.
“This means that Rutland has historically performed more like the South West housing market than the East Midlands and West Lindsey has been more correlated to the North of England. Meanwhile, house prices in South Northamptonshire have tended to behave more like those in the East of England.”
To find out more click here to download the East Midlands report.
For media enquiries, or to arrange an interview, please contact Steve Turner – 020 7960 1606 / 07919 307760 or email@example.com
Notes to Editors:
The Home Builders Federation (HBF) is the principal representative body for private sector home builders and voice of the home building industry in England and Wales. HBF 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