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
