The think-tank ResPublica has published a document called “A national housing fund to build the homes we need”, which suggests that government funding could create at least 40,000 homes a year, 180,000 new construction jobs and generate £3.6bn in tax and welfare savings.

The report has identified the skills crisis, price of land and access to finance as major barriers to growth.

•   Office refurbishments set to lift average rents
•   Property supply falls across the UK
•   Property supply up 7% in May

However, research from the National House Building Council (NHBC) has revealed that fewer SMEs are reporting access to finance as the main obstacle.

Instead, the NHBC found that the planning process and associated costs were reported as the biggest hurdles.

While the House Builders Association (HBA) agreed that access to finance was essential to boost housebuilding, it added that this objective would not be reached unless the planning process was radically reformed in a way that allowed the entire housing market to build.