Only four per cent of houses on the market this year sold for above the original asking price. More than three quarters – 77 per cent – went for less, according to the National Association of Estate agents.

Shows promise in some subjects but overall needs improvement - that sums up the end of year report on the house market by the industry bodies representing sales and letting agents.

Mark Hayward, former Wycombe-based estate agent now chief executive of the NAEA agrees with the post budget statement by Tim Russ.

The boss of the firm with offices across Bucks and South Oxfordshire told the Bucks Free Press last week: “Taking draconian stamp duty away from first time buyers may bring welcome opportunities and advantages but that doesn’t help second, third and fourth time buyers.”

In a statement from the NAEA’s Warwickshire head office this week, Tim Russ’s one-time Raffety Buckland/Aitchisons colleague Mr Hayward said: “Policymakers need to think about how to help others in the chain such as second steppers and those that would downsize in order to free up larger homes suitable for families. We still only have a limited supply of housing available.”

Sales to first time buyers – 25 per cent in 2017 - were the lowest in four years.

“Looking to next year it will be interesting to see what impact the stamp duty change had on the market and if it really does help FTBs get on the ladder,” said the NAEA chief.

Demand from buyers in all price ranges spiked in January and February. The average number of househunters registered at each branch of NAEA members in the first two months of 2017 was 425, compared with 380 in the same period in 2016.

Supply peaked in February when the typical number of homes on the books of each branch was 44. Across 2017 and 2016 as a whole – this year and last – the average was 39.

Top months for sales agreed this year were February and June when 11 deals were clinched at each branch, two more than the monthly average for the whole year, compared with a monthly average of eight at each office in 2016.

Meanwhile the rental market has been overshadowed by the imminent ban on letting agents charging tenants a fee for services such as checking references and immigration status and credit checks. Landlords fear the cost will be transferred to them. Some have said they won’t employ an agent in future.

David Cox, Mr Hayward’s opposite number at the Association of Residential Letting Agents says the ban on letting agents’ fees is already causing firms to consolidate the rental side of their business.

He believes the prospects for the rental market don’t augur well for landlords or tenants.

“Landlords are [already] becoming more selective about their property investments in the light of last year’s stamp duty changes. Mortgage interest relief is starting to bite which is why we saw an increased number of landlords selling up.

"It’s likely that as we move into 2018 tenants will continue to see rent increases as supply starts to reduce, demand continues apace and legislative changes increase costs for landlords.”

Supply this year was highest in January when 193 was the typical number of properties on the books at offices of ARLA members.

Sales of buy-to-let homes peaked in March and April when agents reported a 33 per cent spike in landlords selling up. The number of rent increases this year was highest in August when 33 per cent of tenants said they were paying more.

March was the best month for negotiating a reduction – 3.6 per cent of tenants were lucky.

From January to October 27 per cent of renters overall ended up paying a higher rent for their property.