From April, a £30m building will suddenly cost £300,000 more, in addition to tax, which will considerably dent buyers’ profit margins.

While nobody knows what is going to happen until the tax kicks in, it has already become a bitter pill to swallow for the developers, investors and agents in the principality, so much so that the great and good of the Welsh property community banded together in February to compose a letter to the government explaining the detrimental effects it could have, not only on the sector but also on the wider Welsh economy.