“Opting to play with taxes at the top of the housing market is inherently risky."

Nick Sanderson, CEO at Audley Group: “Opting to play with taxes at the top of the housing market is inherently risky. The top of the ladder is often the driver of market movement and the new mansion tax will undoubtedly put the brakes on.

“Larger family homes become immediately less appealing to prospective buyers, particularly in areas where house prices have grown significantly like the South East.

“The government had an opportunity to get the housing market functioning as intended. Instead, it has introduced counterproductive barriers which will lock up valuable housing stock, reduce transactions and put yet more pressure on the housing market.”