Families would be average of ‘£600 better off’ if Britain built more houses

Construction industry. Timber framework of house roof trusses with scaffold on a building being built on a new housing estate.

FAMILIES would be an average of £600 better off if Britain builds more houses, Rishi Sunak has been told.

Former Housing Minister Brandon Lewis today came out swinging against politicians who hate new homes.

Families would be an average of £600 better off if Britain built more houses

In the midst of a chronic housing shortage, he urged town halls to let developers build so increased supply can drag prices down.

Mr Lewis said if 400,000 more homes were built every year, the economy would grow by £17.7bn – an increase of £600 in GDP per household.

And at least an extra 250,000 families at least would finally be able to buy a house per year, with landlords, movers and second home owners filling the rest.

In a new report for Policy Exchange the ex-minister also argued for a major expansion of social housing and for councils to be more upfront about what developers must do to secure planning approval.

The average UK house currently costs an eye-watering nine times average earnings.

It’s the worst prices have been since 1876.

Last year Housing Secretary Michael Gove watered down mandatory building targets after caving to NIMBY MPs.

Mr Lewis said: “To fulfil our country’s great potential, we must give young people cause to believe that, like their parents, securing a good job will enable them to buy a home of their own, and to settling down and have children.

“These ambitions depend on us delivering more homes. Addressing the UK’s housing shortage is a huge challenge, perhaps the greatest that we face as a country.

“At the same time, though, solving the crisis holds out the dual prospect of placing rocket boosters under our economy and selling a new generation on the British dream of homeownership.”