The release delays helped push up the cost of an average lot by $194,010 across the estates in Aura, Springfield and Yarrabilba in Queensland; Willowdale, Jordan Springs and Googong in NSW; and Atherstone, Woodlea and Manor Lakes in Victoria.

Ferrari’s Charles Leclerc, Verstappen’s closest title rival, was third fastest on the timesheets but a hefty 0.637 slower than the Red Bull driver who will be favourite for pole position in later qualifying.

Victorian Premier Daniel Andrews said he expects private developers to release lots to buyers as soon as possible, and flagged his government was open to legislative reforms to crack down on land banking.

In a written statement to Parliament, Mr Clarke said: ‘The latest estimate of £42.5bn shows an increase against the original range of £35-39bn, which is primarily due to the most recent valuation of the UK’s obligation under Article 142 for EU pensions.

“A ‘scarcity trap’ occurs when supply is reduced to rebalance falling demand such that a pricing floor is established. It is reasonable to think of such actions as a market failure under standard economic assumptions.”

‘The principle is if someone is wanting to get out, we don’t want ‘do you lose your job or are you going to lose money?’ to be on the list of difficulties that that individual is facing,’ he told ABC radio.

Not everyone was shocked by the price however, with one person, seemingly referring to the cost of living crisis, writing: ‘Cheese, extra deals where I live, in Asda is about £2.50/2.70. The price has gone up quite a bit.’

‘Everyone is taking the p**s at the moment and I don’t know why because all the queues have disappeared from the chippy,’ the wrote. ‘Pubs and restaurants are pretty empty, everyone has cut back because of high prices, so they lose out even more in the end!’