One in five Britons in the process of or considering moving home have put their plans on ice amid concerns over upcoming property tax changes in the Budget.

Activity in the housing market is sluggish with speculation over the Budget having a marked impact on many buyers and sellers and “denting their confidence”, Colleen Babcock, Rightmove’s property expert, said.

Chancellor Rachel Reeves is widely expected to announce a radical shake-up of the property tax system next week.

Proposed changes rumoured to be on the cards include the introduction of a mansion tax, the replacement of stamp duty with a new national property tax and replacing council tax with a new local property tax.

As a result, many are holding off on moving to see what transpires.

Gareth Brock, 54, lives in Heswall

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