House builders providing more than just homes as huge additional benefits are revealed in Yorkshire and Humberside
A new report from the Home Builders Federation, The Economic Footprint of UK House Building – Yorkshire and Humberside, has revealed for the first time the full extent of the contributions that house builders provide as a result of building new homes in Yorkshire and Humberside. And with the region still not building enough homes compared to its need, the report also highlights just what Yorkshire and Humberside is missing out on.
Last year in Yorkshire and Humberside, 13,520 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:
58,136 jobs were supported541 graduates and apprentices positions were created581,360 new trees or shrubs were planted£21,726,640 was contributed towards education in the area£17,386,720 in extra council tax revenue was generated plus £135,200,000 in other tax contributions£12,654,720 towards new open spaces, community spaces or sports facilities, or enhancing existing resources was paid to Local Authorities3,110 new affordable homes were builtPayments of £299,373,670 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 Yorkshire and Humberside, this manifests itself as a shortfall of 1,506 homes every year. If the region was to meet this need, the knock-on economic benefits would be:
6,475 jobs created60 graduates and apprentices positions created64,745 trees and shrubs planted£2,419,660 towards education in the area£1,936,330 in extra council tax revenue£15,057,000 in extra tax contributions£1,409,335 contributed to open spaces, community, sport and leisure facilities346 affordable homes builtPayments of £33,340,715 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 Yorkshire and Humberside. 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.
“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:
“House prices in Yorkshire and Humberside have risen by 7.7% over the last two years according to the Land Registry but they remain 14.0% below their 2007/08 peak in nominal terms. However, the performance of markets within a region can vary substantially. For example, house prices in York are 5.5% above their previous peak while in Bradford they are 23.9% below. Our forecast for house prices in Yorkshire and Humber over the next five years is for 16.5% growth. That is slightly lower than the national average of 19.3% but higher than the North East, North West, Wales and London.”
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Notes to Editors:
1. 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