The Conservatives are poised to announce a £3 billion house building fund which will provide developers with cheap loans and funding in a bid to "get Britain building" after the EU referendum vote.

Philip Hammond, the Chancellor, is expected to use his Autumn statement to unveil a housing fund which will be targeted at small and medium-sized developers.

The fund will offer developers cheap loans or financial guarantees as the Government takes more financial risk than it has ever done before in a bid to get more homes built.

It comes amid concerns that the Government is falling significantly short of its target to build 1million new homes by 2020.