According to the group, conditions in the UK housing market are a lot more favourable than they were this time last year.
However, while demand for housing remains strong, it is outstripping the available level of supply.
As a result, it believes there is a "desperate need" to deliver in the region of 200,000 to 250,000 homes a year for the next 15 to 20 years.
Steve Turner, head of communications at the HBF, said: "We know there is demand, but there are constraints currently being placed on supply that need addressing."
The government has already increased the amount it is investing in building new council houses across the country.
Mr Turner said this needs to be maintained, especially as there are long waiting lists for council housing in Britain.