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Rics demands property action

Monday, 1 September 2008 12:32 AM

The Royal Institution of Chartered Surveyors (Rics) is calling on the government to act "swiftly and decisively" to prevent further damage to the UK property market.

Research from the organisation finds property sales are at their lowest level for 30 years - with estate agents averaging just over one property sale a week in the three months to July.

The situation is now so serious Rics sees action to amend the buying and selling process - for both consumer and business buyers - as essential.

Tackling mortgage liquidity shortages - which have seen the number of new mortgages issued plummet in recent weeks, is the key to reviving the market, argues Rics.

As such, the government should incentivise the issuance of new mortgages backed securities and covered bonds - including a percentage for first-time buyers - to give investors the confidence to return to the market.

This would be specifically aimed at improving the flow of funding for new mortgage lending.

To support the move, Rics is specifically asking the government to establish a tax free savings account supported by government contributions to help first-time buyers save for a deposit.

Rics is also calling for a "fundamental" reform of stamp duty, that empty homes be bought back into use and that clarity and accessibility are introduced to shared ownership and rent-to-buy housing schemes.

"The market needs decisive Government action on a range of fronts if it is to pull itself out of the doldrums and we call on government to listen to the market's solutions to a whole set of problems," commented Rics director of external affairs, Gillian Charlesworth.

"We know there is no silver bullet that will slay this monster but we need a joined-up, comprehensive approach to bring back confidence and to give the public clarity about what is available."

Rumours were circulating last week the government would announce a package of measures this week, seeking to address the slowdown in the property market.

The Liberal Democrats have also presented suggestions to assist the market, including a regulated 'sale and rent-back' market.

"While we wait for the Government to act on all the necessary fronts, many home owners are trapped in a market offering little or no mobility without any prospect of good cheer in the Autumn," concluded Ms Charlesworth.

Chris O'Toole

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