Property derivatives market volumes could surge after Gordon Brown, the UK Chancellor of the Exchequer, allayed doubts over tax when he announced plans for regulating the sector in his annual Budget last week.

Legislative changes will pave the way for the market's development, which could be worth around £100m (€149) a year according to UK tax specialists. They estimate the value of annual contracts could rise to more than £10bn by the end of 2005, on the back of better regulation and greater efficiency.