Alistair Darling will announce another £1bn package to support the housing market in his Budget tomorrow, seeking to underpin prices, complete partially built building projects and support those struggling to pay mortgages.

The £1bn will be spread over two years so that the level of support of each measure is small relative to the economy. But, while the absolute figures are small, the chancellor will say the measures are part of his Budget theme of investing in recovery.

Many of the measures will be a continuation of those announced in the housing package in September, which was billed at the time as another billion-pound fight back after Labour’s dreadful summer, but made little impact on the property market.

Financial Times, The Times, Daily Telegraph