Philip Hammond has said he will make a flurry of promises to boost house building in the UK in an effort to appeal to younger voters who are unable to jump on to the property ladder.
The chancellor will pledge 300,000 new homes a year, a near 40 per cent rise on the number built last year, with billions of pounds of spending due to be announced in his autumn Budget this week.
"We will not allow the current young generation to be the first since the Black Death not to be more prosperous than its parents’ generation," said Hammond in an interview with the Sunday Times.
"We won’t allow that to happen. Fixing the housing market is a crucial part of making sure that doesn't happen."
An investigation into the market will look at the pipeline for bringing new homes onto the market, with housebuilders set for scrutiny.
“We are generating planning permissions at a record rate, much faster than we are generating homes," said Hammond. "It’s house builders banking land, it’s speculators hoarding land, it’s local authorities blocking development. Let’s get to the bottom of it once and for all to report publicly on what is causing this gap."
He will also promise new powers for local councils when it comes to planning to get small housebuilders developing small plots of land, but green belt land will remain protected. Backing from banks for small builders, new roads to serve new plots of land and transforming polluted industrial sites into locations for building homes are also some of the measures that will be promised.
The man in charge of homes and planning, communities secretary Sajid Javid , last month called for more government borrowing to fund housebuilding - something Hammond had at the time shot down.