A £1.3bn National Housing Conversion Fund would create 42,500 new affordable homes and 9,300 new jobs, according to a new report.

The Affordable Housing Commission said the fund would enable social landlords and community groups to buy up private rented housing for social rent.

It argues this would improve rebalance the housing system, generate local employment and help meet the government’s ambitions of leveling up the economy.

Lord Richard Best, chair of the Affordable Housing Commission, said: ‘We believe the chancellor has a great opportunity to stimulate the economy, boost jobs and tackle the housing crisis by backing plans for a National Housing Conversion Fund.

’This would bring empty and run-down properties back to life, stimulate activity on stalled sites, and assist landlords exiting the market, while addressing the acute shortage of homes at truly affordable rents.’