Housing Demand to Cost £1.2bn a Year

Meeting demand for new homes would cost the government £1.2 billion a year over the next two decades, research has found. Analysis carried out by the Home Builders Federation says if English local authorities approved enough housing development to meet projected housing need it would draw in £1.2 billion a year from the New Homes Bonus incentive scheme. Government household projections published in November said there is a need for 232,000 extra homes a year. This figure does not take into account existing housing shortages. The HBF has based its calculations on the need identified in the housing projections, excluding current shortages, and the national average for band D council tax. It has worked out most regions would see extra government investment of more than £100 million a year if they built the number of homes required, and 215,000 jobs would be created nationally. Read more on Inside Housing.