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This week alone I must have been sent a dozen invitations to champagne-fuelled property launches. The last time I was being sent this sort of invitation was before the financial crisis.

Property transactions are at a standstill, with the number of homes sold this year a third lower than in 2022. Buyers have seen their budgets slashed by the mortgage chaos while sellers’ expectations of what their homes are worth have yet to catch up with the current reality.

Non-domiciled status came into being back in 1799, in response to the growth of the British Empire around the world. It meant British subjects living in far-flung colonies did not have to pay taxes in the UK.

There were hopes that the Spring Budget 2024 could bring new schemes to help first-time buyers and surprising tax cuts.

Chancellor Jeremy Hunt promised that “building homes for young people” is a priority in his speech. But anyone hoping for the much trailed 99 per cent mortgage scheme, stamp duty relief for downsizers, or a Lifetime ISA penalty repeal to help London’s first-time buyers will go home empty handed.

The property industry seems underwhelmed by this year’s Spring Budget. Chancellor Jeremy Hunt set out a suite of tax tweaks and spending pledges, but stopped short of pulling any blockbuster moves.

Jeremy Hunt is preparing the next big outing for HM Treasury’s red box, limbering-up to make a suite of tax and fiscal policy announcements next week. His speech on 6th March will very likely be the last big Budget address before the next General Election – which means the Chancellor is more likely to pedal vote-garnering tax-cutting policies than in a less politically-charged year.

Nothing is certain except death and taxes,” Benjamin Franklin, the US founding father, once said. Labour may be ahead in the polls but the outcome of the general election remains uncertain.

Echoing other reports from across Prime Central London, buying agency Black Brick has reported its busiest January to date, with a flurry of deals and a book of clients with budgets ranging up to £25mn.

A staggering 71 per cent of buyers in prime central London chose to buy property using cash this year, according to research by the estate agency Savills.

Bargain-hunting home buyers have caused a spike in “gazundering”, a tactic when a buyer makes a lower offer at the eleventh hour to force the seller to cut a property’s price.

Falling mortgage rates push up demand but it remains a buyers’ market. Buyers negotiated discounts on 50 per cent of properties sold in 2023. Sellers of UK residential property are expected to rein in lofty price expectations this year as buyers remain cautious despite falling mortgage rates, according to agents and housing market experts.

Prime buying agency Black Brick has seen cash buyers double this year.

Data from the buying agent shows 66% of clients have bought with cash this year, compared with 34% in 2022.