An accounting firm has called for tax cuts to stimulate the property market amid an expected fall in prices from some quarters.

Some 43% of construction firms expect the value of commerical premises across the South East to fall in the next six months, according to a survey conducted by Crowe Clark Whitehill.

The auditor, which has offices in Maidstone and Tunbridge Wells, said the Government should cut stamp duty to increase deals and stimulate construction of offices, warehousing and manufacturing sites.

Its study, conducted at the Kent Construction Expo at Detling earlier this month, also 51% of the 56 respondents expected their business to grow.

Simon Crookston, partner at Crowe, said: “More than half of respondents (54%) believed the biggest barrier to business growth was the stamp duty land tax regime, with a further 12% perceiving it to be capital gains tax.

“We would urge the government to look at overhauling these tax regimes in order to fuel growth and investment.”

The questionnaire found Brexit has cast a shadow of uncertainty over the future health of the construction sector.

It found 48% believed the EU Referendum’s result was not favourable to the UK property and construction market, with a further 42% not sure, and only 10% feeling it would be positive.

Mr Crookston added: “It is clear there are a combination of factors currently holding back investment, notably the uncertainty over Brexit, but also the current tax system.

“We have heard from some in the industry that a number of projects in the South East have been put on hold until the dust settles.

“With the pound having weakened there has been an immediate impact on the cost of materials, which is further contributing to a slowdown. There is now the need for the Government to act quickly and reassure the industry.”