In addition, the BPF is calling on Rachel Reeves to prioritise regulatory stability, highlighting the annual £110bn contribution that real estate makes to the UK economy.

The BPF is now putting four key demands to the chancellor ahead of the budget on 26th November.

First, the BPF is calling for stamp duty land tax to be reinstated for high density housing. The abolishment of Multiple Dwelling Relief (MDR) in 2024 has "permanently eroded” the value of the high-density developments according to the BPF, hampering the delivery of an estimated 25,000 BTR homes.

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Second, the BPF is calling for empty property business rates relief to be extended to 12 months with the current timeframe adding further risk to speculative development the trade body has claimed.

Additionally, the BPF is arguing for the removal of council tax on newly developed BTR homes (they are currently subject to the tax just three months after completion) and extended zero-VAT on energy saving materials.

“We appreciate the fiscal pressure the government is under, but we urge the chancellor not to underestimate the cost of inaction — the government will not raise any taxes and levies on development that doesn’t happen,” said Melanie Leech, CEO at the BPF.

“Only by addressing the development viability crisis will the government unlock the economic growth and investment we need to see across the country.”