Over a third of the 200 delegates attending a property seminar in Ipswich last week expect to be buying property in the next year despite a warning from a surveyor at the event that the housing market was heading for a “correction.”

Mark Sargeantson, consultant surveyor with Fenn Wright warned at the seminar “… I believe there is a residential correction looming. Commercial market activity in the region reveals weak occupational demand for offices, with warehouses and industrial being the strongest sector showing good demand. Retail is improving provided rents are competitive.”

However some 93 per cent of delegates did not believe residential house prices have stopped rising , according to a survey taken at the annual property seminar organised by Birketts LLP, Fenn Wright and BDO LLP. Some 62 per cent believed that the Conservative victory at the general election has impacted the property market and 58 per cent still think that the Government is not doing enough for the sector, including an emphasis on building new homes.

Mark Sargeantson said: “The Tory victory at the Election and continued low interest rates have both contributed to stability in the property market. House prices throughout the UK in the last year have risen by 5.3% while East Anglia has seen an increase of 8.3%. The average house price in Suffolk is now £176,000 and in Essex it is £211,000, where demand is particularly strong. “

Birketts talked about the very latest developments in property law, focusing on subjects facing buyers, sellers, landlords and tenants. Stuart Raven, partner at Birketts LLP said: “The two main subjects that have troubled people for years are the planning system and business rates. We are still without the overhaul that business wants and expects from the Government who in many respects, are simply not getting to the heart of the matter.”

BDO LLP partner, Peter Harrup remarked: “There are important modifications to tax issues affecting corporates and individuals, including taking out final dividends before 6 April and easier access to pension funds. We also emphasised zero rated VAT for construction services, how to extract property from companies and the need for careful tax planning in the property sector.”