Any reduction in stamp duty for residential purchases should be mirrored in the commercial property sector, one expert has said.
Chris Baguley, managing director of Bridging Finance told Money Marketing any measures to try and alleviate current pressures should be applied equally.
“The commercial market must not be ignored. If stamp duty is frozen on residential then it is perfectly reasonable to apply it to commercial property too,” he told the news provider.
He noted the major problem affecting the sector is a lack of global finance, which is reducing the ability of banks to lend to would-be buyers.
Reuters has confirmed the view that the market is set for additional troubles. It reported a survey by the Investment Property Databank that found three-quarters of analysts, derivatives traders and fund managers believe conditions will worsen.