A poll of 200 delegates at the recent Essex Property Seminar showed that 40 per cent of the audience believed that the sector would benefit from staying in the EU, 25 per cent that it wouldn’t and 35 per cent were undecided. However the majority, some 78 per cent, expected commercial property values to increase over the next year, although this was down from 92 per cent a year ago.
The share of delegates which expected house prices to increase fell to 73 per cent from 98 per cent a year ago. Overall some 62 per cent of delegates felt ‘more positive’ about the sector than last year and half expected to acquire a property over the coming year. Ellisons Solicitors, Chartered Surveyors Fenn Wright and Accountancy and BDO LLP held the seminar at Colchester United’s Weston Homes Community Stadium.
Chairman Guy Longhurst, property partner at Ellisons welcomed guest speaker James Cartlidge, MP for South Suffolk, and reflected on the marked growth of property activity in and around Colchester.
Lewis Chambers of Fenn Wright stressed that the commercial property market had improved in the last year and that following on from open market lettings of industrial property at improved levels of value, he said that we would see more rent review activity in the coming year and greater growth in those rental values for more than a decade. On residential, the changes being made on 1 April to Stamp Duty Land Tax have caused a spike in demand and this will mean a cooling off in the market thereafter and as we move towards the EU Referendum the market might slow marginally.
Partner at BDO, Peter Harrup said that it is particularly important to seek sound tax planning in the property sector.