After nearly four months of uncertainty and falling consumer confidence demand in higher-value and more discretionary markets has dipped, according to Knight Frank.

The number of offers made on UK properties below £2m fell 5% in the year to September, data from the estate agency showed. Meanwhile, the equivalent fall above £5m was 18%.

Stamp duty on sales above £2m accounted for 22% of the £11.7bn raised last year, which is something the government may want to consider as it puts the finishing touches to its Budget.

Labour has said it will not raise income tax, VAT, or national insurance, which means speculation has focussed on just about every other tax. Rumours of a capital gains tax increase have caused some nervousness among landlords, but the rate for second homes is set to remain unchanged.

The taxation of non-doms has also generated headlines and is one reason for the recent hesitancy in super-prime property markets.