Liz Truss has resigned as Prime Minister having served less time in office – 44 days – than it took her to campaign for the job in the first place. This makes her the shortest-serving UK leader ever.

After a chaotic parliamentary vote on fracking last night, and a wobbly Prime Minister’s Questions session before that, many had predicted she had just 12 hours in office left to save her premiership, predictions that proved to be accurate.

In her resignation speech Truss said: “Our country has been held back by low economic growth for too long. I was elected by the Conservative Party with a mandate to change this, and we delivered on energy bills and on cutting national insurance.

Low tax

“We set out a vision for a low tax, high growth economy that would take advantage of the freedoms of Brexit. I recognise, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative party. I therefore spoke to His Majesty the King to notify him that I am resigning as leader of the Conservative party.

“This morning I met the Chairman of the 1922 Committee Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within in the next week. This will ensure that we remain on a path to deliver our fiscal plan and maintain our country’s economic stability and national security. ”

Truss went on to say that she will remain as Prime Minister until a successor is found.

Her short-lived grip on power will be remembered by agents for just two reasons. Firstly, her ill-fated Chancellor’s mini-budget reduced the Stamp Duty burden on many property buyers. And secondly, she caused widespread consternation and rejoicing, depending on your political outlook, when a leak from her Government suggested the Section 21 evictions ban would be dropped in the Renters Reform Bill. She later confirmed it would be going ahead.

Front-runners to replace Truss include, according to betting website Gambling.com, Rishi Sunak (13/8) who is the current favourite, with Penny Mordaunt (9/2), Wallace (10/1) and Boris Johnson (14/1) also in the list of possible successors. The full list can be found here.

Industry reaction

Simon Bath, property expert and CEO of iPlace Global

“Liz Truss has announced her resignation as prime minister after only 44 days in office.

“This comes after her first month saw the UK experience the biggest tax cut on record, followed immediately by the drop of the pound sterling, a rapid U-turn of the proposed cuts and the resignation of chancellor Kwasi Kwarteng.

“Now, the property market is in the midst of a chaotic storm after last month’s mini-Budget resulted in a significant rise in mortgage rates – and many are questioning what will happen next.”

James Blakey, Planning Director at Moda Living

“The politics of recent weeks has been extraordinary, but let’s remain optimistic that we can draw a line under it and move forwards. The UK is in desperate need of a stable government and a prime minister who will focus proactively on addressing the housing crisis which is impacting on so many lives.

“Some 20% of all homes in the UK are rented and this is set to grow to as much as 50% of the residential market in the next 20 years. The lack of supply in overcrowded rental markets is only going to push rents higher in a time where people are struggling with the cost of living. It’s crucial the government get back on track to support the industry.”