Kwarteng says measures are to support growth, increase confidence and help families aspiring to own their own home.

Number of listings have been falling since the pandemic began.

Bank of England ups base rate to 2.25% - its highest level since 2008

Inflation now stands at 9.9pc – and this brings a dangerous triple whammy for house prices.

Millions of households face even more cost of living pressure as there have been warnings of a 0.75 per cent rise in interest rates, which could increase mortgage payments by hundreds of pounds a year.

The favourite to be named as the new Prime Minister and Conservative leader, Liz Truss, says there will be no new property taxes under her rule.

Landlords have flocked to auction houses in search of a quick sale after tax changes and rising interest rates killed off their profits.

The average buy-to-let mortgage rates for some typical two-year fixed rate deals favoured by landlords have doubled since the start of the year, it has been revealed.