While the majority of the housing pledges from Rishi Sunak in yesterday’s budget were re-announcements of money already promised, there was one key new bit of detail that will certainly have caught the attention of the largest housebuilders and their shareholders.

The chancellor revealed that the £2bn residential development property tax to fund building safety – otherwise known as the cladding tax – will be set at 4% and apply to profit from residential property development activity above £25m annually.

One back-of-an-envelope calculation, by real estate advisory firm Sirius Property Finance, has already attempted to quantify the potential hit to each of the largest housebuilders (see below).