'We want action now to increase the supply of much-needed rental property'

Isobel Thomson, chief executive at Safeagent: "The abolition of the furnished holiday lettings scheme was expected and may bring an increase in supply for the PRS, with landlords turning from short-term lets to longer-term tenancies. However, we would argue that it isn’t enough on its own to incentivise landlords to remain in the market and encourage new entrants.

“Indeed, the chancellor suggested that the reduction of the higher rate of capital gains tax on property sales from 28% to 24% would increase revenue for the Treasury as it would encourage more transactions, but if more landlords are persuaded to leave the sector, there is a risk that this could push up rents further, making it even more difficult for hard-pressed tenants.

“We want action now to increase the supply of much-needed rental property; there seems to be a lack of practical measures which will not take years to come to fruition, such as a plan to bring some of the many empty homes back into use."