Tackling England's housing crisis would boost economy by £3.6 billion
Experts have warned that the nation needs to build 78,500 affordable homes per year to keep pace with demand, yet last year less than a quarter of this amount were built - 20,000. Building more affordable homes would also help the 1.37 million households stranded on waiting lists for affordable housing across the country.
London alone would benefit from an annual cash injection of £1.3 billion if enough affordable homes were built to meet the city's demand. Building more affordable homes in London would also support more than 20,000 jobs by creating new employment opportunities and keeping people in work – these could be jobs in newly boosted businesses or housing associations themselves.
The news comes as it emerged last week that nationally just one affordable home has been built for more than every five homes sold under the Right to Buy scheme, despite government commitments to replace every home sold under the scheme with a new one. ■