■ Starter Homes: there is a risk that the Starter Homes policy could distort the new homes sales market, without significantly increasing the number of new homes delivered overall.

■ Help to Buy: increasing the size of the equity loan in London will open up more parts of the market to working middle income households.

■ Rental demand: the private rented sector will still expand by more than one million households over the next five years, despite the drive to boost homeownership. We expect to see opportunities for large scale investors to provide rental stock and enable developers to de-risk schemes through forward-funding structures.

■ Land values: uncertainty surrounding the details of these schemes, including future Affordable Housing requirements alongside Starter Homes, makes the appraisal of land values a challenge.