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But new housing doesn’t just address the housing crisis. It has an economic benefit too. Lichfields was commissioned to undertake research on behalf of the Home Builders Federation (HBF) to quantify the economic contribution of house building, and in particular, quantify the ‘economic dividend’ that could be realised by delivering the Government’s broad ambition for c.300,000 new homes per annum. Our analysis updated a similar report we prepared for the HBF in 2015.
Our 2018 report - The Economic Footprint of House Building in England and Wales – was launched on the 24th July, the same day Government finally released the new NPPF.
Our report details the key economic implications and benefits of new house building activity within England and Wales. It highlights how the delivery of 224,000 new homes last year in England and Wales resulted in significant contributions:
But these already will significant benefits will increase further if annual house building was to increase to just over 300,000 to broadly match the Government’s ambitions for England and projections for Wales. This would result in the following benefits:
Our analysis shows that boosting house building will be good for our economy as well as helping to address the housing crisis.
Our footprint report for the HBF builds on Lichfields’ track record of economic impact assessment and support to our clients in helping them to maximise and clearly evidence their contribution to economic growth. Both on individual projects and across their corporate footprint, we work with some of the largest and most successful companies in the property sector including commercial developers, housebuilders, retailers and industry bodies, to help them assess their economic contribution.
To find out more, have a read of our new report and get in touch with Sarah Fabes.