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Property specialists more cautious but acquisitions stay on the agenda

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Property owners and professionals in the region have become more cautious on the market over the past year although more than half are planning to acquire property over the next 12 months, according to a poll of over 200 delegates taken at the annual Essex Property Conference last week.

It showed that 29% of respondents are more positive about the sector now than 12 months ago, down from from 63% in a poll at the same event this time last year. But 54 per cent of respondentssaid they plan to acquire property in the next 12 months, up from 31 per cent a year ago.

The survey at the event, hosted jointly by Fenn Wright, Ellisons Solicitors and BDO at Weston Homes Stadium, showed that almost a third of respondents expect commercial property values to increase within the next 12 months, and 36% predict residential property values to rise within the same period to increase. Guy Longhurst from Ellisons, said:“We are immensely proud to celebrate the 10th anniversary of this annual conference. The event’s continued success is a testament to the reputation of Ellisons, Fenn Wright and BDO LLP as the firms that clients can trust for expert commentary and advice in respect of all property-related matters.”

Fenn Wright’s Lewis Chambers, said: "Following the recent acquisition of Taylor and Co, in Chelmsford, and Newman Commercial, in Colchester, Fenn Wright is now able to offer the most compelling marketing option available to owners and occupiers of commercial property along the A12 corridor.

“The aggregate of the expanded teams’ knowledge, contacts and experience is generating fantastic results for our clients; property sales over the past year exceeded £40 million, and for the first time we have let in excess of a million square foot of commercial accommodation. We have also secured new lettings generating in excess of £7 million per annum of rental income; we anticipate the strong market conditions in this sector to continue through 2018.”

Peter Harrup from BDO said: “There are a few tax changes coming in next year which will impact companies across the region. These changes in legislation include capital gain tax threshold changes, inheritance tax and National Insurance payments on termination packages. It is crucial that businesses keep up to date with these and remain alert to the opportunities and risks they present, while putting their tax plans in place effectively.”

Photo (l-r): Lewis Chambers, partner, Fenn Wright, Guy Longhurst, senior partner, Ellisons Solicitors, Phil Eckersley, agent, South East and East Anglia, Bank of England Peter Harrup, partner at BDO

Last Updated ( Wednesday, 02 May 2018 06:01 )