Estate agents have been told that 50,000 purchasers of buy-to-let or second home properties could attempt to rush deals through before next April.

The Institute for Fiscal Studies is predicting a rush, after last week’s announcement of Stamp Duty surcharges.

However, the opposite school of thought is growing that buyers of rental properties and second homes will hold off – believing it would be stupid to buy now when prices are likely to drop back sharply next April.

While the IFS is predicting a short-term rush, it said the 3% rise was unjustified and in the long term will depress the property market.

It also warned that landlords will pass the extra cost on to tenants in the form of higher rents.

Stuart Adams, a senior research economist at the IFS, said: “Properties will be worth less because potential landlords and potential home owners won’t be willing to pay as much for them.

“If property developers don’t feel they’re going to get as much for them, then there’s less incentive to develop it.

“Thinking about the longer-term effect, at the margin the policy is likely to raise owner-occupation rates.

“It will make rental properties and second homes more expensive and therefore discourage the purchase of properties for that purpose.

“It may well also reduce house prices and might also increase rents if it feeds through.”