I welcome the recent report from RICS calling on the Government to introduce measures to encourage the housing market. The report advises that for every £1 spent on construction there is a contribution of £2.84 towards economic activity. It also advised that the construction industry employs around 900,000 people. RICS has laid out plans very similar to my own to stimulate the new build market, in particular, cutting VAT on the refurbishment of homes, changes to the tax system to encourage residential property investment and reinstating empty commercial property relief.
Mark Goodwin from RICS comments: “With house building at a desperate level, it is essential that the Government takes steps to attract investment into the residential sector”.
I would urge the Chancellor to take active steps in his Budget to stimulate the housing market.
Head of Property Services