A new report from the Home Builders Federation (HBF) has welcomed the new Senedd’s approach but highlighted the economic and social benefits of private housing.

The newly-elected Welsh government has set a target to deliver 20,000 new social homes by 2030, but the HBF has argued there is “a lack of focus” on private housing.

According to the report, called The Social and Economic Impact of Home Building in Wales, there is a need for an additional 23,000 market homes during this Senedd term.

The HBF has argued that these 23,000 homes could boost affordable housing delivery, given one third of all affordable homes in Wales are delivered by private housebuilders.

The report estimates that these 23,000 homes could lead to £200m of private sector investment through Section 106 agreements and £65m invested in new and improved schools.

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Additionally, the HBF has estimated this could generate around £650m in additional tax revenues.

Addressing the Senedd, the HBF has welcomed the new government’s approach to reducing planning bureaucracy, developing a new national development framework and establishing new development bodies.

However, it has called for urgent interventions to ensure local development plans are put in place across the whole of Wales, extend Help to Buy Wales beyond September and set a national all-tenure target for housing delivery.

“The findings show that the benefits of building homes go far beyond boosting housing supply,” said Neil Jefferson, CEO at the HBF.

“The opportunity is significant, and the home building industry stands ready to work with the Welsh government to increase housing supply in the years ahead.

“With the right policy environment, we can deliver the homes, economic growth and thriving communities that people across Wales need.”