It is expected that Mr Hammond will announce new policies to tackle the UK’s housing crisis, as well as promote growth among small businesses.

Many people within the property and business communities have already urged the chancellor to announce changes to remove barriers preventing growth within their industry.

Cutting stamp duty

James Bentley, a finance expert at Learn to Trade, is predicting that Mr Hammond’s Budget could trigger a house-selling frenzy if rumours are correct regarding a cut in stamp duty for first-time buyers, as well as a reduction in pension tax relief for older workers.

“What this so-called ‘tax on age’ does is increase mobility at all levels, as people moving up the ladder will likely find themselves paying duty on the lower-priced house they are selling, rather than the more expensive house they are buying – making the process more affordable.

“Reducing stamp duty in this way would also encourage pensioners to downsize; freeing up family homes across the UK and ultimately boosting funds to pay for retirement.

“Pensioners would be more likely to move to smaller homes if they were exempt from stamp duty, freeing up housing and generating activity in the market worth, we believe, in excess of £186m.”

Russell Quirk, founder and CEO at eMoov.co.uk, wants to see a cut in stamp duty, adding: “In a market where the financial hurdle is the main obstacle for first-time buyers, the government should put an end to this archaic land tax.

“It is already difficult enough to come up with the money to buy a property, and stamp duty only increases the hardship placed on first-time buyers to get out of the rental graveyard and on to the ladder.”

Henry Fordham, managing director of Bellis Homes, hoped the chancellor would eliminate stamp duty for first-time buyers.

“Such a policy would support market entry and aid transactions, which are being suffocated at present with the number of home purchases blocked by stamp duty doubling over the last five years.

“A reduction would catalyse market activity and prompt transactions from both down- and upsizers, which are currently inactive due to the implications of stamp duty.

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“An increase in residential transactions would benefit and balance the economy tremendously as a whole.”

Taxes on landlords

John Goodall, CEO and co-founder at Landbay, said his focus was on whether the Budget would introduce further tax changes for landlords.

“Realistically, whatever fix is offered to the UK’s housing market, the private rented sector will have an important role to play.

“It’s vital that the sector remains attractive to landlords, and complex costs and taxes will disincentivise landlords from engaging in the market.

“A fall in quality and volume of rental accommodation would hit those that the Budget is trying to help hardest.

“Renters and potential first-time buyers would take the brunt of the costs, actively working against any goals of intergenerational fairness that Hammond claims to have.”

Improving housebuilding

Russell added that one of eMoov’s biggest demands was for both local and national governments to reveal all the spare land that they owned in order to either sell it or develop it.

“We've previously called for tax incentives to developers, so they actually build rather than land bank, and the wrongly classified areas of green-belt land could also go a long way in addressing the shortage of property, if only local councillors weren't so easily intimidated by the selfish cries of nimbys who don't want to see outsiders moved to their green and pleasant lands.

“It is important that this entire process is taken out of the hands of politicians, and instead overseen by experts in the sector.

“In addition, the planning involved in further development of this land needs to lose its democratic edge and nimby influence to be successful.”

Supporting UK businesses

Retail property and placemaking organisation Revo has called on Mr Hammond to take action to support businesses.

It is calling for an immediate introduction of a 2% cap on the inflationary rise in business rates to protect businesses facing a 3.9% RPI increase due in April 2018.

“Business rates are already the highest property tax in the OECD, deterring investment and expansion, as well as failing the fundamental test of fairness,” said Ed Cooke, chief executive of Revo.

“The latest RPI rise compounds the challenge facing business.

“Failure to act could threaten the commercial viability of our towns, cities and communities just as the acute challenges created by European withdrawal, a precarious retail market and online competition coalesce into a perfect storm.”

Bridging & Commercial will be providing full coverage of the Budget on Wednesday via Twitter and on its website.