It is understood that the next prime minister Liz Truss has already named her closest allies for the top jobs, with business secretary Kwasi Kwarteng, a long-term ally, widely expected to be named chancellor.

It is also rumoured that Simon Clarke will be unveiled as the new levelling up, housing and communities secretary of state.

The Teesside MP was most recently operating as chief secretary to the treasury.

Clarke has been an MP since 2017 and represents Middlesbrough South and East Cleveland.

He was previously appointed minister of state at the ministry of Housing, Communities and Local Government in February 2020

Before that, he held the position of exchequer secretary to the treasury from July 2019 to February 2020.

Jacob Rees-Mogg had previously been rumoured for the housing secretary role, but it is understood that he is being lined up for another senior government role.

Clarke would be the sixth secretary of state since housing was added to the department’s title in 2018 and follows his predecessor, Greg Clarke, having been in post for just nine weeks.

Dominic Agace, chief executive of Winkworth, said: “I hope the Secretary of State can create a long-term plan for housing and commit to longevity in the role – in the same way Ben Wallace has in defence. Only then can change actually be delivered.

“Property is a long-term challenge that needs a consistent approach, rather than new policy announcements every two years by a new minister. We need new housing most of all and measures to tackle the barriers that prevent it being delivered – and that can’t be done overnight.

“We don’t need short-termist giveaways such as Help to Buy or stamp duty holidays. Instead, we need a longer-term reduction in transaction costs to ensure that the flow of the property market, from first time buyer to family house owner and then downsizer, is working.

“We need to tackle the bottlenecks created by excessive taxation, which is currently stopping this happening.”

The full cabinet is expected to be revealed later today after Truss is formerly appointed PM by the Queen at Balmoral.