For what seems an eternity the magic 300,000 homes a year required to be built in the UK has been batted around. And yes, as a nation we are falling short of this mark.
Last week, the Home Builders Federation commissioned the Economic Footprint of House building in England & Wales report and the results make for interesting reading.
Since around 2012, when the built environment started its long road to recovery, the wider industry has been hugely reliant on the residential market to drive growth. This report highlights, not only how reliant it has been, but what the potential is. For me, key points include:
- House building attributes £38bn and 700,000 jobs to the UK
- In hitting the magic 300,000 new plots a year, this would add an extra £14.2bn and 260,000 jobs
- Provided some 50,000 affordable homes
- An impressive 90% of suppliers sourced from these shores, equating to £11.7bn in revenues
- Importantly, housing has provided £841m to associated infrastructure
The governments efforts to drive a clearer, more refined policy framework to release land and make it easier for regional, smaller builders, has certainly helped this, along with their investment into new innovations by material manufacturers.
Commissioned by the Home Builders Federation, the research – The Economic Footprint of House building in England and Wales – confirms that housebuilding activity contributes economically in different ways including providing jobs, tax revenues and creating funding for local infrastructure and communities. And these associated benefits are set to increase further, with the government targeting housebuilding growth, HBF said.