The first draft of the RICS Residential Policy was published on 21 May 2012 following consultation with its members across all parts of the residential property sector. A copy of the policy can be obtained here.
The policy highlights the urgent need to deal with the UK's housing crisis and is a welcome attempt to promote the delivery of a sustainable residential sector.
The RICS urges the Government to address various deficiencies of the current system from the lack of mortgage finance to the cumbersome regulatory framework in the lettings market. It makes numerous recommendations including reducing VAT to 5% for repairs maintenance, lettings and management; promoting the use of Assured Shorthold Tenancies for periods longer than 12 months and linking rent increases to RPI to maximise income for investors (a model more widely used for Company Lets); reforming the current stamp duty system and providing better and further information to consumers on acquisitions of residential property.
It is intended that the Policy will evolve with constant input from various members of the RICS and a revised version of the Policy is to be published in early 2013. This is an opportunity for other members and professionals in the residential sector to share their experiences and contribute to the evolution of the policy and bring the residential sector to the forefront of national debate.
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The original publication date for this article was 14/06/2012.
