The Government could create a £10bn annual economic boost by spending a ‘tiny fraction’ of housing funding recently returned to the Treasury on improving the nation’s homes, according to a new report.
By spending £625m annually, Whitehall could improve the safety, heating and accessibility of 520,000 homes a year, while creating 100,000 jobs, the report by the Centre for Ageing Better and cross-party think tank Demos argues.
It says the proposed expenditure, equivalent to less than a third of the £1.9bn the Department for Levelling Up, Housing and Communities handed back last month because of a lack of projects to fund, would deliver a 16-fold return on investment for the Government.
According to the report, there are 3.5 million homes in England that pose a serious threat to occupants’ health and safety because of trip hazards, a lack of adequate facilities, and dangerous levels of cold and damp.
Dr Carole Easton, chief executive at the Centre for Ageing Better, said: ‘Stimulating a mass expansion of home improvement work nationwide would mean hundreds of thousands of people happier and healthier in homes that are safe and energy efficient.
‘It would mean reducing the strain on health and social care services. It would mean stimulating economic growth by creating new jobs, skills, apprenticeships and investment opportunities while saving hard-pressed households’ money.
‘It would deliver towards Net Zero obligations without financially penalising the individual or asking for significant lifestyle sacrifices. Few policy options open to government can offer so much for so little.’