It goes without saying that all eyes were on Rishi Sunak as he unveiled his maiden Budget last week. The first Budget of a new decade and the first of the new Government, it was trailed heavily – ever since Boris Johnson embarked upon his campaign for leadership last summer – and threw us some red herrings along the way.

We were hopeful when we first heard that there would be changes to business rates, but were quickly disappointed to discover that the rate relief wouldn’t be applicable to smaller high street agents.

We would implore the Government to reconsider this stance, in a bid to safeguard the agent community, whose local knowledge and expertise is crucial.

In better news, promises to refund sick pay costs for employees off work due to the impact of coronavirus, applicable to businesses of 250 people or less, should allow agents to exercise caution without facing a financial penalty.

The Budget’s headline figure for housing was the £12bn investment in the Affordable Homes Programme.

This £3bn increase on the previous pledge guarantees the programme until 2026. This, together with the cut in interest rates for lending for social housing, the £1.1 billion for 70,000 new homes and the upcoming planning review, should all help housing supply for those most in need.

The Chancellor’s £1bn Building Safety Fund should also be applauded. Many mortgaged buyers have been trapped in limbo due to the costs of re-cladding their buildings and this move will help alleviate their misery.

What many agents and buyers wanted to see and was missing from the Budget, was a root and branch reform of Stamp Duty, a tax that contributes a whopping £8.3bn to the Exchequer, up from £2.7bn ten years ago.

Some 61% of Stamp Duty receipts are generated in London and the south-east and there is no doubt that it suppresses market liquidity, stopping both first-time buyers and upsizers from securing the home they need.

The Chancellor increased Stamp Duty for non-UK residents, although at 2% this is less than the 3% charge trailed last year. Some markets, London in particular, could see a rise in activity over the next 12 months, as buyers look to seal a deal before the surcharge is introduced in just over a year.

Alongside the Chancellor’s announcement, we also saw a reduction in the base rate. While this will be welcomed by those on variable mortgages, fixed-rate mortgages are now the norm, making up over 95% of new mortgage lending. This, combined with the fact that the banks can choose how much of the cut they pass on, means it may have limited impact.

Overall, this Budget was designed to face the unique threat of coronavirus. This means it was at best neutral to positive for housing, although the major infrastructure investments announced could also bring positive momentum to regional housing markets.

It’s important that the Chancellor remembers that a healthy housing market is the sign of a healthy economy. Getting Britain moving is in everyone’s interest and it’s important not to lose the momentum that’s built over 2020 so far. Otherwise, it’ll be up to the Chancellor to pull a few more rabbits out of the hat as we head towards the summer and beyond.

* Charlie Bryant is CEO of Zoopla