The HBF report, based on research carried out by Lichfields for HBF, shows the huge contribution that house building is making to the Greater London economy1. Over 33,000 new homes were provided in the region over the last year, generating over £5 billion to the local economy. Whilst this is an increase on 22,000 being built seven years ago, it is still woefully short of the 66,000 homes a year it is estimated London needs for the next 10 years. If the Mayor puts in place a more robust plan for how the industry can deliver these homes, then, as well as providing the homes the capital desperately needs to house its growing population, the London economy could see a boost of £100 billion.
As well as being a major employer and supporter of local supply chain businesses, new developments make significant contributions towards local infrastructure and amenities through development taxes.
The report shows that in 2017/18, house building in Greater London was responsible for:
- Supporting over 104,000 local jobs
- Delivering over £5.5 billion of economic activity
- Generating over £400 million of tax, the equivalent of employing approximately 15,972 new police constables2 or 16,132 registered nurses3
- Delivering over £27 million of spending on new and improved schools, the equivalent of employing 918 additional teachers4 in inner London, or funding 5,796 additional primary school places5
- An investment of over £10 million in open spaces, the equivalent of 670 ‘pocket parks’6