Member Article

Plugging the Thames Valley housing shortage ‘could create 15,000 new jobs’

A major housebuilding effort in the Thames Valley region could see the creation of 15,000 new jobs and lead to a £12.4bn construction boom, according to a report by consultants Nathaniel Lichfield & Partners (NLP).

The report took into account Thames Valley Berkshire LEP’s assertion that 85,000 new homes are needed over the next 20 years in the region, and the Strategic Housing Market Assessment’s conclusion that towns East of Berkshire need housebuilding rates in excess of 200% of their existing targets.

Were these conditions to be met, analysis by NLP the independent planning, economics and urban design consultancy, has concluded that the economic boost to the area would be in the region of £2.4bn, along with the attendant deluge of new jobs and construction boom.

With new housebuilding currently lagging way behind local requirements, areas around Slough and South Bucks are expected to experience a near-200% increase in the construction of new homes.

Commenting on the report, Daniel Lampard, senior director and head of NLP’s Thames Valley office, said: “We have seen a sharp fall in the number of new homes being built in recent years and with population expected to rise we need a new era of housebuilding in the area.

“Our research shows that the economic benefits on offer for increasing levels of housebuilding activity are significant. Given the scale of the economic benefits at stake, it is critical that the issues currently constraining supply are resolved as these will only compound over time.”