Truss is reported to have said too many young people were struggling to get onto the housing ladder and were only fulfilling their homeownership goals later in life.

She said this was a problem not just for the Conservative Party, but for the future of the country.

Truss also pledged to scrap national housebuilding targets of 300,000 homes per year that were introduced in 2019 by the Conservative government.

Instead she would allow local councils to select how many homes their communities needed to be built.

Truss added that her administration would work with local communities to identify appropriate sites for redevelopment and cut back on planning restrictions.

The announcements come after outgoing Prime Minister Boris Johnson said he would launch a review into the mortgage market and mooted extending Right to Buy to housing association tenants and permitting people on housing benefit to pay a mortgage.

Johnson had also suggested intergenerational 50-year mortgages.

The foreign secretary had previously pledged a range of tax cuts, including reversing the increase in national insurance and a temporary moratorium on the green energy levy.

However, rival for the Prime Minister role, Rishi Sunak, said these tax cuts could put mortgage holders “into misery” as her plans could push interest rates up to 7%.