Sam Gibson, a partner with Galbraith in Northumberland, said: “The reduction in the higher rate of Capital Gains Tax from 28 per cent to 24 per cent is to be welcomed. This will be of benefit to those disposing of land or a property which is not their principal residence and is likely to help catalyse transactions in the market overall.

“With regard to the scrapping of stamp duty relief on furnished holiday let properties, this may improve the vibrancy of communities especially in locations popular with second home owners. It may have the effect of increasing the number of sales in popular holiday destinations, particularly if the owners have a portfolio of holiday properties and are reliant on these tax breaks. The supply of properties for sale in popular holiday destinations may increase.

“Any tax cut or reduction in inflation is advantageous for people considering buying a home. The more general announcement of a cut in the rate of National Insurance is to be welcomed but may not affect our market place very much.

“The package of investment announced for the North-East of England will turn the focus on a part of the UK which has suffered historically from under-investment. We look forward to seeing the detail of the ‘North-East trailblazer devolution deal’ proposals.”

Galbraith is a diversified property consultancy providing the full range of residential estate agency, commercial property sales, management and acquisitions, rural business advice, farm sales, forestry services and building consultancy services. The firm has 12 offices in England and Scotland.