1.5 million new homes could generate £330bn - HBF

Reaching the new government’s 1.5 million new homes target could bring £330 billion to the UK economy and an extra 350,000 jobs a year, according to a new report by the Home Builders Federation.

The publication, The Economic Footprint of Home Building in England and Wales, produced in association with United Trust Bank and with research by Lichfields, shows that in 2023, housebuilding in the two UK regions generated £53.3 billion of economic output and supported 834,000 jobs, including 10,000 apprentices and trainees.

This, HBF, said, underlined “the economic potential of delivering the homes the country needs”.

The 240,000 homes delivered last year also generated:

• £6.4 billion in revenues for the exchequer (via SDLT, corporation tax, NI, PAYE etc)
• £9.2 billion of new affordable housing (20% of all new homes are “affordable”)
• £1.5 billion investment in infrastructure
• £16.6 billion spent in the construction supply chain (90% remains in the UK)
• £216 million investment in open space, community and sport facilities.

The research, according to HBF, clearly highlights that an increase in homes delivery increases the economic benefits. It pointed to the 240,000 homes of last year which drove an additional £15 billion of …