William Eichler 26 February 2024

Social housing investment could boost economy by over £50bn

Social housing investment could boost economy by over £50bn image
Image: Duncan Andison / Shutterstock.com.

Much more investment in the construction of social housing could boost the economy by a dramatic £51.2bn, according to a new analysis.

Research by the Centre for Economics and Business Research (CEBR) has looked at the economic and social impacts of building 90,000 social homes in one year.

The study, commissioned by Shelter and the National Housing Federation (NHF), estimated that the construction and management of these homes would deliver £48.2bn.

It would also benefit the exchequer to the tune of £7bn and would bring indirect benefits to wider society of £31.4bn.

CEBR estimates the construction of 90,000 new social homes would cost £35.4bn and could be paid for in part by £11.8bn in grant funding.

A construction drive of this sort could also support the creation of 350,000 new jobs, according to the study.

Kate Henderson, chief executive of the National Housing Federation (NHF) said: 'This research shows not only that the housing crisis can be solved, but that this can be done in a way that will save the taxpayer money, boost jobs and bring huge benefits to the wider economy.'

Andy Hulme, chief executive of the social housing charity, The Hyde Group commented: ‘This report proves investing in the most affordable homes makes economic sense as well as being the right thing to do to help solve an acute housing crisis.’

The shortage of social housing is putting pressure on overstretched local authorities. Birmingham City Council is considering closing their social housing waiting list to new applicants while Leeds City Council is considering removing 18,000 people from their social housing waiting list.

SIGN UP
For your free daily news bulletin
Highways jobs

Head of Democratic Services, Elections & Monitoring Officer

Harborough District Council
Grade 12 £67,236 – £71,223 plus £3000pa Statutory Officer Allowance
We are looking for an accomplished and proactive leader for our vacant post of Head of Democratic Services & Elections Market Harborough, Leicestershire
Recuriter: Harborough District Council

Social Worker- Family Support and Safeguarding - Witney

Oxfordshire County Council
£37035 - £47754
You will manage a caseload tailored to your experience, ensuring that children’s and their families’ voices are heard, and their needs are met. You will work with families using the Family Support and Safeguarding Workbook modules, and a strengths-bas Witney
Recuriter: Oxfordshire County Council

Social Worker - Family Support and Safeguarding - Bicester Banbury

Oxfordshire County Council
£37035 - £47754
You will manage a caseload tailored to your experience, ensuring that children’s and their families’ voices are heard, and their needs are met. You will work with families using the FSP Workbook modules, and a strengths-based approach, ensuring the As Bicester
Recuriter: Oxfordshire County Council

Executive Director of Resources & Governance (S151 Officer)

Basildon Borough Council
Up to £146,245
Together, we lead. Together, we deliver. Together, we transform. Basildon, Essex
Recuriter: Basildon Borough Council

Executive Director of Homes, Communities & Environment

Basildon Borough Council
Up to £146,245
Together, we lead. Together, we deliver. Together, we transform. Basildon, Essex
Recuriter: Basildon Borough Council
Linkedin Banner