Private sector landlords have called on Rachel Reeves to give them new tax breaks to help keep rents down and boost the supply of homes. In a letter to the chancellor ahead of the budget, representative bodies said their members are facing “uncertainty on a number of fronts” and require stability and clarity to help address the “severe shortage of homes” which has left tenants “struggling”.

Analysis by Rightmove showed average advertised rents have hit a record high amid signs landlords are selling up, with 18% of homes for sale being previously available for rent between July and August.

The letter – signed by the National Residential Landlords Association, Propertymark, Goodlord and Large Agents Representation Group – urged the government to reconsider the way the sector is taxed as part of the solution.