Landmark RICS policy to change the face of residential sector

The report provides RICS with a clear action plan to address areas such as affordable mortgage finance, consumer protection and Britain ’s ongoing housing shortage.

A functioning, professionalised and accessible housing market is in everyone’s interest. RICS will now look to encourage the government to deliver legislation, policy and regulation that the benefits the consumer, the sector and British economy.   

Since the end of last year, RICS has consulted members and firms, large and small, from right across the UK . One message from was particularly loud and clear; there is a clear role for professional standards and expertise to help consumers to make informed choices when buying, selling or renting a property and RICS should be leading the way in delivering this.  

The economic situation, coupled with the politics of the coalition, has created a unique political climate where even sensible and beneficial suggestions to change government policy fall victim to the need to reduce the deficit as quickly as possible.

However, RICS believes that both the immediate and long term issues in the market need to be addressed, and the government must deliver legislation, policy and regulation that provides us with the homes that we need, wherever we need them.

The report covers:

- Measures to get the stagnant property market moving

- The need for mandatory regulation of both sales and lettings agents

- Providing consumers with the right information when buying or selling

- New ways of boosting Britain ’s woefully low housing stock

- Tackling problems associated with social and affordable housing

Peter Bolton King, RICS Global Residential Director said:

"To deliver real influence in the corridors of power, RICS needs to have clear residential policy. In putting this landmark work together, we met with our members and firms of all sizes from right across the country. What came across loud and clear is the desperate need to reform sections of the market and generate growth right across the UK.

"We will now take these recommendations to the government with the aim of helping them to improve the residential property sector for those operating within the industry and the public as a whole. Change needs to happen if we are to see an economically viable and professionally driven residential sector and I stand ready to work with members, government, other industry bodies and consumer organisations to achieve this."

In late 2011, RICS launched a consultation with members in England to deliver new residential policy. Members were able to contribute via email, roundtables across the country, twitter and Linkedin. Similar consultations are soon to be held in Scotland , Northern Ireland and Wales .