Property Consultant, Robert Ditty, of Osborne King, predicts that the abolishment of stamp duty relief for disadvantaged areas in this years Budget could have a detrimental impact on investment deals (during the short to medium term) taking place in Belfasts city centre.

Robert Ditty, said: "The decision to abolish the stamp duty relief came completely out of the blue and will undoubtedly have significant implications for a number of ongoing deals that were aware of at present. Essentially, vendors were getting 4% more for their properties, while purchasers were getting cash flow benefits, which resulted in a winwin scenario for all concerned."

Mr Ditty adds: "We know for a fact that a major deal in London worth £135 million has collapsed, which is hardly surprising when you consider that removing stamp duty relief added £4.5 million to the cost of the deal."

"While the reinstatement of normal stamp duty may have a detrimental impact on immediate city centre development and investment, we remain confident, nonetheless, that the market is sufficiently robust to withstand any long term, negative effects of what has been a significant incentive for both developers and investors," Ditty concludes.