But it is nearly the end of the year, and these goals have not yet materialised. In fact, construction activity in August was found to have fallen at its sharpest rate since 2020, according to the latest S&P Global UK Construction PMI, after a drop in figures for seven months in a row.

There are growing concerns that Angela Rayner’s pledge for 1.5 million new homes is moving further out of reach. Business costs were raised to plug the UK’s £40bn black hole in its public finances, but it’s creating a gap elsewhere, as hiring becomes more expensive in an industry that’s already suffering from worker shortages.

More recently, the Building Safety Regulator (BSR) attributed its delays to approvals — which RICS cited as a primary cause for a stagnation in housebuilding — to a shortfall in workers.

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However, there is a light at the end of the tunnel, and it’s vital that the government use the upcoming Budget as an opportunity to boost confidence amongst developers and the wider property industry. The additional £500m in the Affordable Homes Programme and the pro-growth and pro-infrastructure reforms were encouraging starting points, and this looks set to continue.

For example, the introduction of Platform4 to build 40,000 new homes on brownfield railway land will not only get more houses on the market, but it will also unlock new jobs and opportunities for investment.

We need more of these plans to reach untapped potential within the industry, and this will naturally lead to more projects, buildings and ultimately, homes. Whether this is by encouraging more young people to take up construction apprenticeships, which is already happening in the form of apprenticeships, or utilising brown- or grey-belt land for housing, there are reasons to be optimistic in the coming years.

In line with this, our own research found 59% of developers are confident that 1.5 million new homes could be delivered in five years.

Change is not going to happen overnight, but as long as conscious efforts are being made to support developers, housing projects, and schemes to make housing more accessible and affordable, steps in the right direction are being taken.

However, in order to incite the level of change required for the government to fulfil its promise — it is crucial for this to be reiterated in the upcoming budget.