RICS will support Prime Minister to maintain momentum on home buying and selling reform

• Institution will work with Andy Burnham’s government to prioritise a faster, more transparent and professionally regulated property market.
• One in three house transactions currently fall through according to latest RICS UK Residential Market Survey.
   

Responding to the appointment of Andy Burnham as Prime Minister, Justin Young, Chief Executive Officer of RICS, said:

‘RICS congratulates Andy Burnham on his appointment as Prime Minister. We look forward to working constructively with his government, bringing our standards, data and professional expertise to support practical reform across housing, infrastructure and the built and natural environment.

The new Prime Minister takes office at a critical time for the built and natural environment. Increasing the supply of quality affordable homes, strengthening infrastructure and supporting the transition to a lower-carbon economy will require stable, long-term and evidence-led policymaking.

A clear opportunity to make a practical difference to people’s lives is to improve the way homes are bought and sold. Purchasing a home should be straightforward, but transactions take too long and far too many fall through, with an average transaction period of 120 days and one in three falling through reported in June. Buyers and sellers often face unnecessary costs, uncertainty and stress.

RICS will assist the Prime Minister to maintain the momentum behind the government’s recently announced home buying and selling reforms, and make their effective implementation an early priority.

The Prime Minister’s commitment to reinvigorating council house building is welcome, but ambition will need to be matched by delivery capacity. Local authorities will need the skills, resources and professional support to turn that ambition into homes.

Above all, financial investment – both domestic and international – is crucial for delivering so much of this. Creating a business environment that promotes confidence for investors goes together with regulatory and planning reform. Clarity and confidence is the motor for investment and results, not just for house building, but across all sectors of the built environment.

RICS will continue its work with the government on these matters and the wider priorities for housing supply, infrastructure, devolution and skills.’

-ENDS-

About RICS

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

Our work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.

For more information:

Kris Hicks
Khicks@rics.org

press@rics.org