RICS Responds To Budget

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RICS has said that it is generally is supportive of the elements of the 2024 budget which deliver positive change in the built and natural environment – but believes housebuilding needs to be a government priority.

The Royal Institution of Chartered Surveyors claims changes to the property tax regime in respect of capital gains tax and stamp duty will stimulate market activity, raise revenue in the future and overall incentivise investment in the private residential sector.

Give us details

RICS would have liked the budget to set out in more detail the scope and extent of the government’s ambition to deliver more and better housing across the UK.  The Institutions says: ‘Housing supply remains a challenge in many parts of the country and the public needs safe, sustainable, energy-efficient, and affordable homes.  In particular, the planning system needs resourcing appropriately to provide a stable and predictable framework for development.

‘RICS welcomes the announcement of £400m investment for twenty new towns as part of the Long-Term Plan for Towns which will unlock development plans made by local decision-makers.’

Decarbonisation

Justin Young, RICS CEO, added: “There is currently a gap between the ambition for decarbonisation and resources being made available to help deliver it.  Both residential and commercial property owners will need support to transition to a low-carbon future and currently there is insufficient support to achieve it.

“RICS is in a strong position to offer insight to government to help create new markets for retrofit and reduce the current risk of commercial property assets becoming stranded as ESG requirements drive occupier demand for more sustainable property.”

“While choices have to be made in the current economic backdrop, property related measures stimulate the economy and support growth and net zero ambitions.”

Picture: The Royal Institution of Chartered Surveyors has modestly welcomed Jeremy Hunts latest budget.

Article written by Cathryn Ellis
14th March 2024

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