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The government must deliver at least 40,000 new homes a year to tackle the housing crisis, a new report sponsored by London based housing association Network Homes shows.
The report, produced by independent think tank ResPublica, working with leading housing management consultancy PCA, calls on government to create a National Housing Fund to boost the supply of new homes around the country.
Last month’s General Election showed that housing matters and delivered a clear message to all parties that continued failure to deliver the homes we need will hit them at the ballot box. The proposed National Housing Fund is a credible and deliverable proposal to do this, around which cross-party consensus can form.
Backed by a consortium of large housing associations, the report – A National Housing Fund to build the homes we need – shows how £100 billion of repayable investment over a decade could transform the country’s housing offer, providing tenants with certainty through long-term tenancies and the opportunity to buy the home they rent at a future date.
As the case for austerity recedes in the public and political consciousness, the authors argue this model will both produce the homes we need and provide a significant boost to public finances. The report proposes that government joins a number of leading housing associations in the creation of a National Housing Fund that would utilise government borrowing capacity to:
– Deliver at least 40,000 new homes annually
– Boost public finances by £3.4 billion
– Create 180,000 new jobs in the construction sector
– Support the growth of small and medium sized builders
– Grow the wider construction industry through repeat investment.