Lawyers are gearing up for a surge in funds-related work after the long-awaited announcement on Real Estate Investment Trusts (REITs) made the property industry the biggest business winner in Chancellor of the Exchequer Gordon Brown’s ninth Budget.

Outlining its model for REITS, the investment vehicle designed to bring property back to the stock market, the Government confounded fears that the Treasury would strangle the reforms with red tape and tough taxation.