I am somewhat sceptical of a CGT making a huge impact.
So you have to pay tax on your profit - it is profit, and I am sure those with a lot at stake will have a loophole around tax as they always do.
From the property investors I talked to it sounded like business as usual for them. A slower housing market has more of an impact leaving only the long term investors playing the game. The flippers might be driven back to the stockmarket for their quick buck?