Figures recently published by the government show that, in the year to March 2023, just 234,400 new homes were delivered, including conversions – almost exactly the same as the year before, and far below the government’s target of 300,000 new homes each year.

The position is likely to be far worse when the figure for the current period is published. Trading updates from the biggest home builders indicate that volumes are likely to fall by around a third.