Posted on 28 May 2024
The work we do to provide safe, secure, and affordable homes to our customers makes a huge contribution to society, a new report has found.
Working with a group of leading social housing providers, we’ve supported new independent academic research that shows the social homes we provide generate economic growth and save public services, like the NHS, millions of pounds a year. Each year, our social homes deliver:
- £110.5m at least in savings to the NHS
- £217.9m at least in economic benefits
- £45.6m at least in savings to local councils.
The ‘Value of a social tenancy’ model also shows we create at least £26,965 in value each year for every social-rented home we provide, combined with the economic impact of maintaining and building homes; that’s a total of at least £640.5m.
The value of a social tenancy: Updating and developing the model in 2024 calculates the savings to the state, and benefits to other public bodies, of someone living in social housing, compared to someone living in temporary accommodation, with friends or family, or poor-quality private accommodation.
The savings to the NHS, for example, are achieved because people living in social housing are less likely to visit their GP or A&E, because they’re healthier.
Housing associations are making significant contributions to the economy in part by supporting more adults to be in work through the stability of social housing situations.
Research also shows how the vital support given by housing associations, particularly during COVID and the cost-of-living crisis, has widened the gap between those living in social housing, and those living in other situations.
The research also found that, together, England’s 4.2 million social homes contribute at least £77.7 billion a year to the national economy and in savings for public services.
Andy Hulme, Chief Executive of the Hyde Group, said:
“Secure, affordable and safe social housing provides people with a stable foundation from which to build a life, build a career and to start and raise a family. This report shows social housing saves public services billions of pounds every year and boosts the economy too.
“Without social housing, more people would be out of work, there’d be more pressure on the NHS, and more crime, costing the public purse dearly and really damaging our society.
“With a growing demand for social housing, and dwindling supply, this research shows why a clear long-term national plan for social and affordable housing is so important, because the benefits of social housing outweigh the costs.”
The value of a social tenancy research was carried out by Sonnet Advisory & Impact CIC. You can download the value of a social tenancy full report here and the the value of a social tenancy complete report with appendices here.