Rishi Sunak confirmed as new UK Prime Minister

Rishi Sunak has been confirmed as the new Conservative Party leader and will become the next UK Prime Minister.

He will replace Liz Truss, who lasted just 45 days and stood down last week claiming it was the wrong time for her growth strategy.

Sunak received the backing of more than 100 MPs and has been named the new Conservative Party leader and PM after rival Penny Mordaunt pulled out of the race at the last-minute amid reports she was struggling to garner enough support.

Former PM Boris Johnson withdrew from the leadership race last night despite getting high profile backing from Housing Secretary Simon Clarke and Business Secretary Jacob Rees-Mogg.

The former chancellor will be no stranger to estate agents.

Sunak’s main property policies in the past including introducing the Stamp Duty holiday during the pandemic in an effort to keep the property market moving.

Some critics have blamed this for a surge in prices and shortage in supply that many agents have faced recently.

His business rates holiday during the pandemic also included high street estate agents.

While supporting the Tenant Fees Bill in 2018, he did oppose a proposed and failed Labour amendment to increase the initial fines for non-compliance by landlords and agents from £5,000 to £30,000.

During his failed leadership campaign to replace Johnson over the summer, Sunak mentioned freeing up more brownfield sites while protecting the greenbelt.

An Estate Agent Today LinkedIn poll during the previous leadership race found that 24% of readers opted for Sunak and just 12% chose Liz Truss, the majority - 64% - said they preferred neither.