Real estate agents across London spent what remained of the day following the Budget rushing to seal clients' deals before an increase in stamp duty hiked up costs for buyers. Tax lawyers, meanwhile, began work on the business implications of new measures designed to clamp down on the avoidance of property-related tax by the rich.

George Osborne, UK Chacellor of the Exchequer, announced on Wednesday an increase in stamp duty to 7% from 5% on homes costing more than £2m. The new duty was effective from the day after the Budget, leaving buyers with hours to complete deals.