According to a report entitled ‘The economic footprint of home building’, and produced in association with the Home Builders Federation and United Trust Bank (UTB), the research also found this would support an additional 350,000 jobs a year.

These forecasts are based on the 240,000 homes delivered over the past year.

This generated £53.3bn of economic output and supported 834,000 jobs — of this, £9.2bn was created in affordable housing.

Should the Labour government hit its target, this £330bn of economic activity would include £57.3bn in affordable housing, £42.5bn being spent on shops and £40bn in tax receipts — the latter would include £3bn in additional council tax.

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The research draws the comparison with the one million homes built under the last government.

Contrasting the two periods, and if Labour are successful, this could ultimately generate an additional £111bn in economic activity.

“If [the] government can deliver on its ambitious housing targets it will reap significant social and economic benefits,” said Neil Jefferson, CEO at the Home Builders Federation.

“The industry welcomes the swift and decisive actions to address the constraints in the planning system, but more is needed to accelerate growth.

“The lack of affordable mortgage availability means more support for buyers is needed. Creating demand for new homes provides the confidence the industry needs to invest and deliver both private and affordable homes.

“The upcoming budget provides an opportunity for the government to take more positive steps.”