Bricks and mortar still a good investment
While the property sector has taken a hammering it has by no means been demolished and things will improve - that's the message to come out of a property seminar held in Ipswich on Thursday.
PKF Accountants & business advisers, Birketts LLP and Fenn Wright Property Consultants teamed up to run the event, which attracted a record audience to listen to speakers Peter Harrup, tax partner with PKF, James Dinwiddy, a commercial property partner at Birketts and Mark Sargeantson, Consultant Surveyor with Fenn Wright.
Mr Harrup comments: "Though it's a difficult time for the property sector, there are a number of tax planning opportunities resulting from low property values. Also, there are still a number of tax breaks out there and people should be taking advantage of these."
More than 200 guests packed into the Trinity Park Conference Centre, Ipswich, to listen to expert presentations on subjects including the ups and downs of the property market, business rates, and recent developments in property law, as well as tax changes.
Mr Dinwiddy says: "I was delighted to see so many important local property faces gathered in one room and I hope we were able to give a few hints towards the light at the end of the tunnel during these difficult times for the property world."
According to Mr Sargeantson: "Both the commercial and residential property markets are undergoing a major correction in value that will probably continue for the next 12 months, with hopefully some degree of stability becoming apparent from 2010 - 2012. We feel that a significant correction was needed and that this is now presenting some excellent opportunities for investors."
The photograph shows from L to R: Peter Harrup, tax partner with PKF; James Dinwiddy, commercial property partner with Birketts and Mark Sargeantson, Consultant Surveyor with Fenn Wright Property Consultants