The research by Zero Deposit shows that, across the UK, the average house price has increased by a hefty 65% in the last 10 years, a jump of £111,693.

At the current rate of 28%, this means the average landlord stands to pay a hefty £31,274 in CGT. However, should they wait until next month, selling up will see them save £4,468 per property, with the new rate of CGT costing them £26,806 per property at a charge of 24%.

But while it’s a hefty sum to pay out on an asset you invested a decade ago, the average UK landlord looking to exit the sector come April will still have made a respectable £84,886 in capital appreciation per property over the last 10 years. 

Buy-to-let investors in London predictably stand to both pay the most and make the most.

The average Landlord is set to pay £45,806 in capital gains tax per property under the new 24% rate, a saving of £7,634 in capital gains tax, with the average property still returning £145,052 in capital appreciation after the government takes its slice.

In the South East, CGT changes will save the average landlord £6,206 per property, with the East of England home to the third largest reduction at £5,928.

In the North East, the average home has increased in value by just £41,449 over the last decade, the lowest rate of capital appreciation of all regions.

This means that the average landlord stands to save just £1,658 in capital gains tax as a result of the Spring Budget cut, but once paid, they will still take home £31,501 in capital appreciation per property.

Sam Reynolds, chief economist of Zero Deposit, says: “Another strange budget for the property market and one where the biggest surprise was a cut to capital gains tax, bizarrely positioned by the government as a bone thrown to landlords to incentivise investment into the buy-to-let sector.

“Having hit landlords with a string of legislative changes designed to reduce profitability in recent years, they’ve now made the idea of exiting more attractive, which to most, understandably seems like a backwards approach.

“And while a 4% cut to capital gains tax may seem generous on the face of it, for the average landlord it equates to a reduction of just £4,500 per property, while the Government still collects a hefty £27,000 on their hard-earned nest egg.”