RSS FeedRSS Feed

Royal Institution of Chartered Surveyors reminds the government to keep its promises for housing market15th March 2013

With the budget looming, the Royal Institution of Chartered Surveyors has reminded the government to act on its promises and to deliver the funds needed to boost the housing market and provide the infrastructure that the UK badly needs.

In December’s Autumn Statement, the Chancellor reaffirmed his promise to boost construction and housing transactions across the UK. Initiatives such as the Regional Growth Fund and, in particular, Get Britain Building are yet to bear fruit.

It seems that insufficient capital is getting through to developers and contractors and the RICS is concerned that unless funds are released more quickly, the construction sector will continue to stagnate. An increase in development projects would increase housing stock, create jobs and deliver growth across the country.

Furthermore, the government’s Funding for Lending scheme – designed to allow buyers to borrow at affordable levels – is already having an impact on the market, and RICS is confident that a further release of funds could assist more would-be homeowners and small businesses and prevent prolonged market stagnation.

In the forthcoming Budget RICS would also like to see:

• A greater investment in maintenance of existing infrastructure such as roads and rail. This can deliver growth more quickly than large scale infrastructure projects such as HS2.

• A concrete plan as to how central funding for Local Enterprise Partnerships (LEPs) is to be allocated, as recommended in the Heseltine Review, to promote swifter growth at a regional level.

• Clarification as to when Empty Property Rate (EPR) exemption for new build will come into effect. This is desperately needed on our high streets where less development is happening and rents being pushed up.

• Greater clarity from government as to where and how businesses can apply for financial support. Access to finance is key for property and construction businesses to speculatively develop.

• A commitment to visibly promote public sector construction contracts, meaning that more smaller firms across the UK are aware of projects and able to directly bid for work.

Jennifer Welch, Director of RICS North and Midlands said: “Ahead of next week’s Budget statement, RICS is urging government to increase finance liquidity for construction firms, homebuyers and small businesses. Every pound invested in construction provides around two pounds eighty of benefits to the wider economy, and if the UK is to work its way out of the economic slump, ongoing investment in construction will be crucial.

“Indicators suggest that Funding for Lending has been a shot in the arm for the housing market. In light of this progress, now is the time for government to free up more capital and provide more opportunities for would-be buyers and small businesses.”

Recent Headlines

Click here for more news stories...

Commercial Property Events

Have you any commercial property events you'd like to tell us about? It could be networking, exhibitions, seminars, industry lunches or sporting fixtures. We will list them for free. Just email with the following details: Event name, date, time, venue, cost, booking info and a brief description of the event.

Commercial Property Jobs

To list your property job vacancies on Property News. Email:

Sign up to our free e-alerts for all your property news and views.
Follow Property News on Facebook Follow Property News on Twitter Follow Property News on Google+ Follow Property News on Linkedin Property News RSS Feed