We knew there would be little in the way of good news in the Budget and in many respects it delivered what had been signposted.

The high-value council tax surcharge was the headline measure for property. While it is undeniably a tax on aspiration, it is notably less severe than previously floated. Council tax reform is long overdue, but tackling only the very top end risks feeling punitive rather than proportionate.

We should also question how viable this surcharge will be in practice: monitoring valuations and collecting the charge will be challenging, and with implementation not due until 2028, this government may not even be in office to see it through. There is every chance the measure could be revisited or scrapped before it takes effect.

Increasing tax on savings, dividends and property income by two percentage points is also unhelpful, but better than I anticipated.

While most landlords want to remain in the sector, increased costs inevitably influence the homes they keep and the rents they charge. History shows that when operating costs rise, they tend to flow through to tenants, making this a back-door stealth tax on renters rather than landlords.

The absence of stamp duty land tax reform – one of the most effective ways to improve liquidity and encourage both first-time buyers and second movers to take the next step – means the market is still without the incentives that would stimulate activity and support the economy.

Capital gains tax (CGT) was also untouched. That is not a surprise and, arguably, a positive. The chancellor will know investment, entrepreneurship and risk-taking are essential if the UK is to grow. We cannot tax our way to economic recovery, and maintaining CGT rates supports those who are putting capital to work, creating jobs and driving long-term growth.