Specialist lender Kensington said there were reasons to be cheerful for “house hunting entrepreneurs” in the Budget.

Alex Hammond, head of marketing communications at Kensington, said: “As well as announcing a Help to Buy ISA, where the Government will contribute an extra £50 for every £200 saved by a first-time buyer, he recognised the hard work of the country’s five million self-employed with the abolition of class 2 national insurance contributions for small business owners.

“This will undoubtedly help self-employed homebuyers to save a deposit. The key for them will then be to get the right mortgage. We think this means talking to a professional mortgage adviser, who will be able to make a recommendation based on their individual circumstances as well as being able to access a number of specialist lenders that are not available direct on the high street.”