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Potential new homes unlocked by the Government's housing and regeneration agency plummeted by 79% in the last financial year.

Homes England's annual report for 2022-23 blamed a series of factors for the fall from nearly 59,000 possible homes to just 12,200.

The report said ‘specific performance issues encountered by infrastructure projects were a key factor' as well as citing the transition of the Housing Infrastructure Fund (HIF) from contracting to portfolio management among other delays.

It comes after new housing, roads, public transport, green spaces, schools and jobs were plunged into doubt as Homes England pulled funding for the £170m HIF programme on the Hoo Peninsula in Medway and the £140m South Lancaster Growth Catalyst.

The Infrastructure and Projects Authority recently gave a red confidence rating to the £4.2bn Housing Infrastructure Fund, meaning successful delivery of the project ‘appears to be unachievable'.

Homes England has refused to answer whether any more HIF schemes are at risk of having their funding pulled or scaled back, nor what will now happen to the unused £310m, citing ‘confidentiality clauses inserted in the contracts'.

The report also highlighted Homes England's staff turnover for 2022-23 was 19% – up from 14.8% the year before and ‘above the average UK industry norm of approximately 15%'.

Last month the Government launched a review of Homes England to ‘ensure the body is delivering for the taxpayer'.