Working from home may be helping to bring the end of the UK’s era of big house price rises

The lack of housing has become a politically contentious issue since the UK government dropped plans for mandatory construction targets to fend off a rebellion by backbench Conservative members of parliament last year.

The UK government is already falling far short of its pledge to build 300,000 new homes each year.

The age of huge UK property price increases may be coming to an end as population growth slows and working from home booms, according to a senior economist at the office for budget responsibility.

David Miles, one of three members of the UK budget watchdog’s top committee, said that changing working habits, a flattening population and an end to a decades-long fall in borrowing costs make explosive house price growth less likely.