Raab was previously minister of state for Courts and Justice, while Sharma has been made employment minister.
Dominic Raab (pictured) has replaced Alok Sharma as housing minister – who has been redeployed after just seven months in the role.
Raab, who is MP for Esher and Walton in Surrey, was previously minister of state for courts and justice, while Sharma has been made employment minister within the department of work and pensions.
The announcements were made in a series of tweets by Number 10 today.
Yesterday Sajid Javid saw his job title change to secretary of state for housing, communities and local government, suggesting housing issues will at least be handled within the Cabinet for the first time.
Tony Ward, chief executive of Home Funding, said:“Successive governments of different political flavours have failed to tackle structural housing problems.
“We heard big statements from the Tories last year about housebuilding but nothing tangible has changed thus far.
“It’s a pity we can’t see some consistent leadership.
“I wish Dominic Raab well but would like to see some consolidation and continuity behind the implementation of housing plans.”
Sharma’s departure means that in the past 10 years the housing minister has lasted typically 13 months.
David Orr, chief executive of the National Housing Federation, a trade association for social housing providers, tweeted: “I admit to being disappointed that @AlokSharma_RDG has been moved from housing.
“He’s been impressive in meeting tenants and engaging with the sector.
“And less than 7 months is a short time even in the notoriously short lived world of housing ministers.”
David Cox, chief executive of ARLA Propertymark, and Mark Hayward, chief executive of NAEA Propertymark, said in a joint statement: “We would like to congratulate Dominic Raab on his appointment to minister of state for housing.
“We have been working closely with Alok Sharma in this role previously, alongside Sajid Javid as communities secretary, to make suggestions on plans to ultimately regulate the sector and make the process of buying, selling, renting or leasing a property better for consumers.
“If housing is genuinely a priority for the government, then continuity and consistency with the new housing minister and Sajid Javid is absolutely key, and we look forward to working with them both over the coming months.”