Ian Jones, Director at Backhouse, comments: “While today's announcement could have been worse, it remains a missed opportunity for the housing sector. There was no mention of targeted support for first-time buyers or adjustments to stamp duty, both of which could have provided a meaningful boost to the market and wider economy. Overall, the government's reluctance to harness the economic power of housebuilding is disappointing.

“Without measures to stimulate demand, supply will inevitably suffer, leaving SMEs particularly exposed as build costs rise and margins are squeezed further. The rental sector also faces further pressure, with additional taxation discouraging investor activity, risking reduced supply at a time of high demand resulting in consequential higher rents to tenants.

“Looking ahead, a reduction in the Bank of England base rate before Christmas will be critical to improving confidence. With mortgage rates easing, we may see a modest rebound in the new year, but ultimately, the lack of targeted housing support in this budget leaves the industry without the stimulus it urgently needs.”

Sheetal Smith, Sales & Marketing Director, Pennyfarthing Homes said:

“If I were to use an analogy on the budget, I would say it's like fruit tea - you wish tasted better, but in the end, you are just left with coloured water.

“The housing industry hoped for the return of a Help-to-Buy style initiative.  While we would certainly welcome it, it was clear it wasn't going to reappear at this budget.  That said, there are some positives.  Increased support for backing apprentices through small businesses and SME's is encouraging and will help strengthen the construction workforce for the future.

“Investment in high streets, infrastructure and local schools is also welcome.  Strong local amenities create thriving communities where the new home developments we build can succeed. Anything that supports our towns and villages is a step in the right direction.

“However, the Budget still falls short on measures that would meaningfully increase housing supply. The planning system remains slow and under-resourced, and without targeted support for first-time buyers and developers alike, the industry simply cannot deliver the homes the country urgently needs.”

Paul Bennett, Sales and Marketing Director at Chase New Homes comments: “After today's Budget announcement, the outlook for the housing sector feels disappointing. We were hoping for meaningful measures to be announced for the housing industry, to drive real change in our sector. It seems that the current situation will continue due to a lack of vision from the government, which is preventing affordable homes being built for hardworking people. I was looking forward to hearing about a potential change in Stamp Duty Land Tax – I felt this could have rejuvenated the property market slightly, yet that opportunity has been missed.”

Marco Previero, Co-Founder and Head of Research at R3Location comments: “The new 'Mansion Tax', renamed as 'Council Tax Surcharge' is an exercise in pointlessness. This could dampen demand at the specific price points, and for prime and super prime markets in London generally. It will do little to encourage investment in London, and it is possible that the loss in income from Stamp Duty Land Tax (SDLT) will outweigh the benefit of this new tax. What's more, a 2%-point increase in tax rates on property income will directly reduce the yield for investors and individual landlords renting properties – this in turn will make investing in property less attractive, and lower transactional volume.

“Today's Budget announcement adds new layers of taxation on top of existing measures like the SDLT surcharge, and the upcoming abolition of the non-Dom regime. The cumulative effect will increase the cost of acquiring property, the cost of ownership, and the cost of investment. This will likely have a detrimental effect on London's prime and super prime markets, lowering transactional volume and lowering the tax take on other sources linked to property.

“The further freeze on income tax thresholds and increase of tax on dividends will reduce disposable income and therefore investable wealth. While these changes are not directly targeting properties, erosion of purchasing power, and the lowering of trust in the stability of the UK as an economy - cue to the shambles of OBR publishing the budget before the speech - will do very little to encourage growth.”