Both residential & commercial property valuations in the UK are set to stay constant or drop over the next 6 months, in spite of the relatively long-term situation of demand surpassing supply, a UK Finance Minister has reported.
Out of the 84 surveyed property businesses, 55% felt that Stamp Duty Land Tax was the biggest obstacle to achieve growth, while 54% stated the current tax system was unfair to property investors & developers in the UK.
An additional 13% highlighted capital gains tax (CGT) as their biggest growth barrier, and the Brexit situation was also mentioned, with 47% claiming that the referendum result was not in their favour.
Almost half (48%) of businesses stated they expected UK property prices to drop in the next year. While most respondents of the survey were UK based companies, given the uncertainty in the current UK market, some businesses admitted they were considering overseas markets, with 33% finding that Germany would be a market of interest due its strong economy and vigorous legislative structures.