Encouraging growth in the UK's residential and commercial property markets
should be a primary concern for the coalition government, the Royal Institution of Chartered Surveyors (RICS) has said.
The body has called upon the government to use the next UK Budget to introduce a number of measures to give the sector a boost and in turn improve the country's economic situation.
It points out that for every GBP 1 spent on construction GBP 2.84 is contributed to economic activity adding that the industry employs around 900,000 people. By encouraging activity in these sectors, the coalition will promote economic recovery and provide long-term, sustainable growth, Rics said.
"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," said Mark Goodwin, Rics director of external affairs.
RICS proposes that the government look to cut the VAT on the refurbishment of houses, change the tax system to encourage residential property investment
and reinstate empty commercial property rate relief.
- Thursday 17 February 2011