The much covered Tory election process for their new Leader has now just two candidates left standing, Jeremy Hunt and Boris Johnson, with the new Prime Minister taking charge on July 23rd.

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However there is much speculation around who will be the new Chancellor as it is highly likely that Hammond will be replaced, especially if Johnson is successful.

Whoever takes over Hammond's role it's a safe bet that they will hold an emergency budget and look at changing some of the current tax regimes and fiscal policies.

This could involve a much needed 'fresh 'and welcoming approach to the private rented sector that could see a reverse on some of the Draconian tax policies 'blighting' the sector; the government needs to encourage PRS housing supply in light of the diminishing number of new homeowners in the market.

Paul Sloan, operations director for a chain of estate and lettings agents, said: “With a new Chancellor, we will repeat our calls for changes to current policy to support improvements in the PRS.

“In particular, the taxation changes impacting private landlords have been relentless. We would suggest that a rethink on those taxes would be a very good place to start.”

The extremely punitive tax changes applying to buy-to-let investors has caused many private landlords to end tenancies and selling up. The only other option open to landlords is to increase tenants' rents to offset losses brought about by the new tax regime.

It has been widely researched and reported that landlords have had enough of the onerous tax hikes and simply cannot go forward, the reduction and phasing out of mortgage interest relief, the 3% stamp duty surcharge and the change in the 'wear and tear' allowance, as well as the more strenuous stress tests for BTL mortgages has made many disengage from the PRS.

Sloan continued: “Whether it’s the additional Stamp Duty Land Tax levied on purchasers’ second and subsequent homes, the phased reduction in tax relief allowable against mortgage payments, or the loss of the wear and tear allowance, life has grown significantly harder for landlords over the past few years.

“We must ensure that private landlords who are providing homes for millions of households across the UK feel able to remain in this sector.

“With the appointment of a new prime minister and Chancellor, we will be redoubling our efforts to act as the voice of private landlords across the country.