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Chancellor George Osborne said how pleased he was that the Fund has progressed, helping to “unlock thousands of stalled housing units by providing house builders with access to finance”.

Stephen Williams, communities minister, went on to add that driving housing supply is a vital part of the plan to improve the economy in the country and the Builders Finance Fund is just one way the government is supporting this overall goal.

For the period between April and June of this year, seasonally adjusted home-building projects getting underway in England are estimated to be at 36,320, a rise of 18 per cent compared with the same quarter in 2013.

In addition, seasonally adjusted completions were estimated at 29,540 for this period, up by six per cent compared with the previous quarter. Compared with the same period a year ago, this represents a seven per cent climb.