Alongside this, the chancellor allocated a further £20m investment into social finance for the construction of up to 3,000 homes in the UK.

The government has also promised over £10m to Cambridge for the development of a biomedical campus, with further long-term funding settlement expected to be announced for the city at the next spending review.

Also announced was the increase of VAT registrations for SMEs from £85,000 to £90,000, and deregistration thresholds from £83,000 to £88,000 from 1st April 2024.

Overall, some industry professionals were displeased with the lack of further commitments made by the chancellor to help the housing sector.

Mat Shenton, head of new homes at Rapleys, said: “Despite our experts hoping for stamp duty cuts and first-time buyers support, and a review of support for affordable housing, these were all sadly missing in action from the Budget.

“The only mention of housing other than supporting investment via CGT cuts, was the re-emphasis on brownfield development in the PMQs beforehand.

“Although funding has been promised to 'unlock' brownfield sites, there is no information about how this will work and it is concerning that this is the only housing announcement to stimulate delivery when we are grossly behind on targets for all types of housing across the UK."

Chris Gardner, CEO at Atelier, commented: “What was delivered in today’s Budget does nothing to help unlock the current housing market inertia.

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“We had low expectations for what this Budget would deliver, but, we hoped, as did most in the property sector, that there would be a catalyst for change, to get the market moving  —something to improve sentiment after a protracted period of inertia.

“Nothing was done to address the actual issues facing the sector — a lack of delivery and affordability has plagued the market for years, and without intervention we face a future that deprives the young of home ownership.

“On the other end of the spectrum, overregulation and planning bureaucracy has hamstrung housebuilders by making it economically unfeasible to build houses in many parts of the country.

“SME developers play a vital role in the delivery of homes and are also being the hardest hit by overburdensome regulation — SME developers needed support today and were left short-changed.”

Steve Larkin, head of development finance at LendInvest, added: "It's encouraging to see the government's commitment to 'levelling up' with substantial funds allocated to Canary Wharf and Barking.

“That said, it's imperative that SMEs are not overshadowed by major national house builders here.

“SMEs play a crucial role in supporting the UK’s housing supply issue, driving local employment and contributing to community development in Sheffield, Blackpool and Liverpool too — their involvement would ensure a more comprehensive urban evolution, reflecting the true spirit of 'levelling up'.

“Let's ensure that the path of progress allows room for all, fostering an environment where innovation, community, and growth go hand in hand."