Reeves pledged a further £500m to the affordable homes programme, while also announcing an additional £3bn in support for SMEs and the BTR sector through housing guarantee schemes, part of Labour’s strategy to hit its 1.5 million home target.

The additional £500m is planned to help to build up to 5,000 affordable homes.

Discounts on the right to buy scheme were also reduced with the aim of allowing councils in England to keep all receipts generated by sales and to protect existing council housing stock and boost social housing availability.

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To aid planning, the Labour government has committed an additional £46m of funding for the recruitment and training of 300 graduates and apprentices into local planning authorities.

Areas in which the government plan to develop housing schemes include Liverpool Central Docks, where £56m is being used to build over 2,000 new homes.

Investment into remedial work was also pledged to rise over £1bn in 2025-26, including in the speeding up of work on social housing — the government said it will set out further steps later this autumn.

Also included in Reeves’ statement was the consultation on a new long-term social housing rent settlement at CPI plus 1% for five years, with the possibility of a further 10-year settlement in the future.