RICS urges Government to support growth in property and construction

RICS (Royal Institution of Chartered Surveyors) is urging the Government to support growth in property and construction in its pre-budget submission to HM Treasury. The submission argues that measures to encourage growth in the housing and commercial property sectors should feature in the next UK Budget.

The proposal is based on every £1 spent on construction contributing £2.84 to economic activity. The industry employs around 900 000 people. The value of all property in the UK is over £4500 billion, and the sector employs some 500 000 people. By encouraging activity in these sectors, it is suggested that the Government will be able to promote economic activity and provide long-term sustainable growth.

RICS would like to see a detailed plan for achieving efficiency savings of £5 billion in public-sector property costs and disposal of £20 billion over the next 10 years through long-term strategic planning and retention of the brightest professional talent in the public sector.