George Osborne, before he reinvented himself as Rambo, when he was still the 'austerity chancellor', committed Theresa May’s government to spending a huge sum to prop up the housing market. The combined total of grants, loans and guarantees devoted to helping developers and homebuyers is set to exceed £42 billion between now and 2020 (similar to the cost of building four new Trident submarines). It’s supposed to achieve two things: build a million new homes and double the number of first-time buyers. An equally important but unstated priority is ensuring that house prices continue to rise. After the EU referendum, all three targets look much tougher.

