"If the goal was to make winter feel even harsher, mission accomplished."

Scott Clay, director at Together: “Confirmation of the mansion tax is really concerning to see. This is essentially an unfair 'privilege' tax for homeowners with properties worth £2m plus, who will now have to pay an annual charge, for the home they already own.

"If the goal was to make winter feel even harsher, mission accomplished.

“Many recent buyers have already paid for the property, plus stamp duty, and now face an extra annual surcharge on top of council tax and mortgage payments. It’s unlikely the government will carry out any affordability checks, so lenders will need to factor this additional cost into mortgage assessments for homes above the threshold.

“Those hit hardest will be ‘empty nesters’ and people who bought their property decades ago simply as a family home, not as an investment. Asset-rich but cash-poor older homeowners could really struggle, as this tax could be equivalent to an entire year’s state pension.”