Chancellor Rachel Reeves will centre the review on the £39bn affordable housing investment.

The plans would see Homes England redesignated as a “public financial institution”, similar to the British Business Bank.

The OPDA has been selected as a Smart Data Challenge finalist to explore how data can unlock a more transparent and efficient property market.

House prices have fallen by 0.4% in May, as the market adjusts after April’s stamp duty deadline.

Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year.

Market activity is holding up well following the end of the stamp duty holiday.

Despite the slower numbers, there are plenty of reasons to be optimistic, industry experts say.

Over a quarter said this was the most frustrating part of the process.

Buyers and sellers have sprung into action after Easter, with the number of sales agreed in May the highest in four years.

March was defined by heightened anticipation and activity ahead of the stamp duty changes.