However, while the survey of 223 mortgage advisors expected a challenging few months ahead for the housing market, some key sectors may fare better.

Of those surveyed, 54% believed the government might assist first-time buyers, but 96% agree the Budget will negatively impact the BTL market.

Two-thirds expect inheritance tax changes to improve demand for equity release products as homeowners seek to mitigate tax threshold changes.

Brokers from the South, North and Midlands took part in the survey — Northern brokers were the least pessimistic, with 52% expecting a negative impact on the market compared to 64% in the other two regions.

Elsewhere, the results were consistent across the three regions.

Emma Hollingworth, chief distribution officer at LSL, said the data reflected brokers’ expectations about the impact of tax rises across the entire market.

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“The withdrawal of stamp duty next March, and the likely changes to capital gains tax, mean our brokers responses reflect nervousness among home-buyers and investors.

“Only equity release appears to have surfaced as a market which may benefit from the budget, as many more estates are caught up in the likely inheritance tax reforms and seek to mitigate their liabilities,” she said.

Emma added that the survey highlighted broker concerns about direct tax impacts and those that will indirectly affect affordability.

“Noone can really know the impact of hikes on employer national insurance contributions or any changes to employer pension contributions, but a softer labour market will undoubtedly affect lenders’ risk appetites.

“Whatever the outcome of this budget, we believe brokers will be busy as customers reassess their financial positions.