Housebuilding companies were little moved by the newly appointed UK housing secretary saying his mantra would be a Donald Trump-like "build, baby, build!".
Steve Reed, who was appointed to replace Angela Rayner after she was forced to resign last week, said he was meeting sector bosses this week to discuss the next phase of planning reform and ways of speeding up housebuilding.
According to sources cited by newspapers, up to 1.4 million homes have been granted planning permission but have not yet been built.
He told officials that he intended to "move on to the next stage in unleashing one of the biggest eras of building in our country’s history", the Sunday Telegraph reported.
The construction industry has cited labour shortages as one of the problems affecting the sector, as well as rising costs.
A source at the housing department told the newspaper: “The Labour Government inherited the worst housing crisis in living memory, with a shortage of homes creating soaring house prices that block families from their dream of home ownership.
“The new Housing Secretary will smash through every barrier to build 1.5 million homes."
Shares in FTSE 100-listed builder Barratt Redrow PLC (LSE:BTRW) were up 1%, while those in Persimmon PLC (LSE:PSN) and Berkeley Group Holdings PLC (LSE:BKG) were up less than 0.5%, with Taylor Wimpey, Crest Nicholson and Bellway less than that.
Vistry Group PLC shares were up almost 4% on a partnership agreed with the government's housing agency, Homes England.