Given the rumours that it would be a three-month extension alone, the tapering should ensure we do not have the much-feared cliff edge, although demand could be stimulated again by this announcement.

Certainly, when you add the re-emergence of 95 per cent LTV mortgages — albeit as yet we do not know how competitive this product sector will be, how much appetite lenders will have and what prices they will announce — potential first-time buyers could feel even more motivated to get on the housing ladder this year.

The first 95 per cent LTV products, however, won’t emerge until April at the earliest, so it’s likely these new market entrants will be viewing the end of September for completion. The stamp duty saving here is for properties under £250,000 and, given the average FTB purchases a property below this value, conveyancers will be under pressure to complete before the new deadline.

Anecdotal evidence already suggests that advisers have seen a rise in enquiries, particularly from those for whom a 95 per cent LTV mortgage appears to be a housing lifeline.

Of course, FTBs come not only with mortgage needs. How likely are they to have protection policies, general insurance, a will, or access to a good conveyancer? The ability to service as many FTB product and service needs as possible should not be under-estimated and, if I were an adviser, I would be gearing up my marketing and lead-generation efforts.

Where once we thought that 2021 might be a year where remortgage activity would once again form the foundation of many advisory businesses, with the Budget measures it now looks likely that purchase activity may not just hold its own but continue to strengthen.

New purchasers in particular need advice like never before. Why not make sure you can deliver it across all their needs, not just the mortgage?

Mark Snape is chief executive of Broker Conveyancing