TODAY the Budget is unveiled and while we all scour for change that will affect our industry in a positive way, there is little evidence to suggest that new or modified policies will have any major impact on the commercial property sector.

The Chancellor’s hands are tied, it seems, and change must come from the private sector in order to have any significant impact.

Any improvement in economic activity can not be created purely by economic policies.

The co-operation of the major banks is critical by providing finance on sensible terms and instilling some much-needed confidence not only in the property market but in the economy as a whole.

The Government can help industry in other ways by limiting the bureaucracy and red tape that is time-consuming, none-productive and prevents us from focusing on the job at hand, namely generating income and reviving the property market.

While I recognise the need to comply with health and safety, money laundering regulation etc, a cull on things like form-filling would be welcomed by the property industry as a whole, I believe.

There have been mixed reviews to the proposed plans surrounding the conversion of vacant commercial properties into residential units without the need for formal planning permission.

While the British Property Federation claims it makes huge sense and would provide a welcome boost to the residential market, there is a scepticism and lack of belief that people want to live in a converted office building that doesn’t form part of a wider community and lacks a garden and one’s own front door.

VAT cuts on both home and office refurbishments and amendments to the tax system aim to make residential and commercial property a more attractive proposition for buyers.

However, this will make few waves whilst there is a continued shortage of available finance.

We accept the Chancellor has limited room for maneuvere.

But please, no more regulation, no more property taxation and let’s try to rebuild our fractured property industry.