It’s going to be tough but we can get through it, say industry bosses

But he did outline the measures he believed necessary to bring down inflation and keep mortgage rates stable while raising the revenue needed to maintain public services.

And sector bosses have welcomed those moves in the hope that an economic recession will be short-lived and shallow.

Angels Media founder and CEO, Nat Daniels, said: “The immediate short-term is going to be difficult and things will probably get tougher. But the majority of people in the industry are in a position to weather the storm and come out stronger on the other side.

“The shorter the recession can be, the shallower it can be, the quicker we can recover. The industry has to prepare itself for a cold winter but beyond that, there are better times ahead once conditions improve. Underlying demand for homes is still strong.”

And Neil Cobbold, Managing Director, PayProp UK welcomed the Government’s approach.

But he added: “Some of the measures outlined in the Autumn Statement will have an added impact on the Private Rental Sector (PRS) – most notably those that could lead to a reduction in the number of properties available for rent, and therefore, their affordability for tenants.

“A reduced threshold for higher earners could see more landlords being dragged into the 45% rate. In addition, the annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 next year. As a result, some landlords may be looking at reducing their portfolios to reduce the tax bill from any property sale before the new threshold takes effect.”

Embrace innovation

Director of online valuation specialists The ValPal Network, Craig Vile, said that measures to combat the cost-of-living crisis were inevitable.

“People will definitely feel the squeeze in the short-term, but there will still be business to be won. People will always want to buy homes.

“The key thing is for agents to work smarter to maintain their market share. Here at The ValPal Network, we encourage agents to embrace innovation and technology to improve their business and stay ahead of the competition. Lead management and nurturing is going to be more vital than ever in the coming months if transactions begin to ease. The successful agents will be ones who recognise how to turn those leads into new business. And they must not cut back on their marketing spend. That is essential when times get tough.’

Daniel Evans, Chair of the Association of Independent Inventory Clerks, said Hunt’s budget will have done little to stop the exodus of landlords from the PRS.

“The market has been really buoyant over the summer and the question now is, when will that come to an end?”

“If housebuilding is slowing down and mortgages are becoming unaffordable, there is a huge need for more rental properties. Where are they going to come from? The Chancellor didn’t answer that question.”