Add the water and honey to a large bowl, or the bowl of your stand mixer. Sprinkle the yeast overtop and let it sit for ten minutes. After ten minutes, it should be foamy. If the mixture doesn't foam, discard - you need new yeast.
Add the milk, olive oil, 2 cups (300g) of the flour, and the salt. Stir with a wooden spoon until a loose dough forms.
Add the remaining flour 1/2 cup at a time, kneading between each addition, until a smooth, springy dough forms. This should take 6-8 minutes. It should be quite smooth and not really sticky. If you're using a stand mixer, use the dough attachment for this.
Place the dough into a large greased bowl and cover with a tea towel or large plate. Let it rise in a warm, draft-free place for one hour, or until doubled in size. This is called proofing.
When the dough has risen, punch it down gently and place it into a parchment-lined or well greased standard-size** loaf pan, tucking any untidy ends underneath. Cover with a tea towel and place the loaf into a warm place to rise again for half an hour longer. While it's rising, heat your oven to 180°C (350°F).
Bake the bread for about 45 minutes, or until golden, and it sounds hollow when tapped. Remove from the pan and cool for ten minutes on a rack before cutting.
Store the bread in a sealed container for up to three days, or freeze for up to a month.