Countries all over the world are seeking for the simplest yet most effective means to get their economy back on track after the recent economic crunch set the world a few years backward. Residential and commercial properties market is an unquestionable means to re-fire the UK economy both in the short and long term.
Having gone through the recent proposal to the House Budget Committee by the Royal Institution of Chartered Surveyors (RICS), I cannot but agree that this sector is critical to the rejuvenation of the economy. With the value of properties in the UK worth over £4,500 billion and employment for over half a million people, it is indeed no gainsaying that this is one sector to really focus on.
The paper also highlights a detailed plan for achieving efficiency savings to the tune of £5 billion in public sector property costs, and disposals of £20 billion, over the next ten years through long term strategic planning; it also calls for the retention and development of the best hands in the public sector.
Other useful and vital recommendations from the institute include: cutting VAT on refurbishment of homes, changes to the tax system to encourage residential property investment and reinstating empty commercial property rate relief, among many others.
According to Mark Goodwin, RICS director of external affairs, ‘this Budget provides the Government with a chance to encourage growth and innovation in construction and property, providing much needed jobs, tackling the housing shortage and ensuring that businesses have a continuing supply of high quality premises. With house building at a desperately low level, it is essential that the Government takes steps to attract investment into the residential sector.’
I sincerely do hope somebody is listening and that the parliament sees it fit to apply these recommendations.
