Estate agents in the West Midlands could be set for a boost if the region’s latest planning proposals are given the green light, with the building of nearly 19,000 new homes included in the bid.

The West Midlands combined authority has announced its formal submission to the government for a package of investment zones which are claimed to have the potential to boost the regional economy by more than £4.7bn a year, creating 65,128 new jobs and increasing the housing stock with 18,616 new homes.

Investment zones are designed to offer tax breaks and other incentives to make it easier, quicker and cheaper for the private sector to do business, with the aim of attracting inward investment. Government ministers have already held discussions with Tees Valley and Liverpool City Region about the establishment of investment zones.

WMCA chair and mayor Andy Street said: “We know that investment zones can accelerate the delivery of tangible outcomes for local residents – including boosting employment prospects – and so I’m looking forward to working with ministers to get our West Midlands zones established as soon as possible.”

The WMCA bid includes plans for Coventry Airport and brownfield land in Dudley, Sandwell, Walsall and Wolverhampton to become five separate investment zones, creating new housing next to commercial and industrial spaces. The region’s political and business leaders believe the investment zone proposals would help regenerate and lift up some of the more deprived areas of the West Midlands.

Mike Bird, WMCA portfolio holder for housing and land and leader of Walsall Council, said: “The WMCA has worked closely and extensively with local authorities and other partners in recent weeks to draw up this formal bid which clearly sets out where we think the biggest impact can be had from these investment zone sites.

“Our submission puts a huge focus on attracting substantial private sector investment by creating the conditions that will give business the long-term certainty and stability needed to invest. This, in turn, will speed up the delivery of thousands of the new homes and decent jobs that local people so badly need while building a future-looking economy that benefits all parts of society and the fight against climate change,” Bird added.