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Property expert calls on Government not to ignore commercial market

Property expert Bridging Finance has called on the Government not to ignore the commercial property sector while it considers a freeze on stamp duty.

The Government is considering the freeze as part of a plan to bolster the economy.

Rising house prices have seen stamp duty revenue rise from £800m in 1997 to £6.4bn last year.

Bridging Finance managing director Chris Baguley says: “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. If this is going to happen then the commercial sector also needs to see the benefit. I’ve talked with plenty of agents, lawyers, bankers and accountants the feeling is that the commercial sector also needs a boost.

“Stamp duty is not the root of the problem however. The biggest headache is that mortgages still remain relatively difficult to secure because of lower levels of global funding. This is compounded by the collapse of personal saving over the past decade, reducing the funds available that banks can lend.”

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