Simon Gerrard, past President of the NAEA and managing director of high-profile London estate agency Martyn Gerrard, has called on new Chancellor Phil Hammond to suspend the Stamp Duty surcharge for landlords who already have five or more properties and who wish to buy more.

Gerrard says it would prevent a spiralling in rents and the exacerbation of the housing supply crisis.

He is not suggesting that smaller, amateur landlords be excused Stamp Duty on their purchases of buy-to-let property.

The Government had originally considered – and consulted on – an exemption from the higher Stamp Duty rates for corporates and funds, in order to continue to attract investors that “contribute to an overall increase in housing supply”.

Gerrard said: “In the wake of Brexit, the only people actually pulling out of deals are investors.

“The Chancellor’s Stamp Duty hike on second homes in April had already sent them running for the hills, but Brexit could now be the final nail in the coffin.

“Trying to de-risk the lower end of the market and discourage accidental landlords mortgaging themselves to the hilt makes sense – but killing off the entire professional and corporate end of the investor spectrum does not.

“The rush of investors completing deals before April means there is now a healthy supply of letting property and rents are steadying, and the only way we will prevent a severe hike in rents as a result of the buy-to-let market drying up, is if the Government suspends the extra 3% Stamp Duty for mid-tier landlords – in my view, those who have five or more properties in their portfolios.

“The latest figures show that by 2025 just 40% of Londoners will own their homes.

“We already have a serious housing shortage, particularly in London, and desperately need to support medium-sized landlords so they can continue providing much-needed accommodation.

“The only way to keep these individuals in the market is through removing the tax disincentives. To qualify for the Stamp Duty exemption, an investor would need to prove they already own more than five properties.

“Brexit, a double-whammy tax from Osborne, and a spooked property market: there is only so much an investor will take before they simply put their money elsewhere, which will derail the supply of new rental property to the market and mean an immediate spike in rental prices.

“Nobody wants to see what that will look like for this country’s housing crisis.”