If every eligible homeowner took up the offer for their home at 25 per cent above its unblighted value, the total cost would be 1.51 billion, the estate agent estimates.

Under the terms of the deal, eligible homeowners would have a 'retrofit' paid for with finance from a mainstream lender.

In addition, the program had provided modifications to only 16% of eligible homeowners.

The start of the application period was delayed for six months, giving eligible homeowners less than a month to apply for the help.

The program affords eligible homeowners up to $150,000 in compensation for their losses to get back into their homes.