27 October 2005

Surveyors warn of property spree

New pension rules could prompt investors to embark on a £24bn spending spree on buy-to-lets and second homes, according to a respected property organisation.

The Royal Institution of Chartered Surveyors' predictions will fuel the debate over a new tax break that will allow well-off individuals to buy residential property at a fraction of its real cost. From April, holders of self-invested personal pensions (Sipps) can spend their pension pots on buy-to-let and holiday homes tax-free.

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