The British Property Federation (BPF) has launched its General Election manifesto, setting out what the next government needs to do to “turbo boost” the £1trillion real estate industry’s contribution to the UK.
In its Manifesto 2015: A Vision for British Property, launched today, the BPF shows how a healthy real estate industry is vital to the UK’s economic and social infrastructure, working with communities to create places where people can live and work.
Designed as a guide to real estate for MPs, the manifesto sets out the ways in which Government can work with the sector to achieve its aspirations, from boosting economic growth, to regenerating high streets and meeting the housing challenge.
Recommendations include carrying out a full review of the business rates system, reforming council tax in order to tax homes fairly, devolving powers to local leaders and encouraging local authorities to support a professional private rented sector.
Melanie Leech, Chief Executive of the British Property Federation, said: “Real estate is central to the UK’s social and economic infrastructure. We need it to create flexible, modern space for business, to strengthen the UK’s global competitiveness, and to regenerate the towns and cities in which we live and work.
“This manifesto sets out our vision for the UK property industry, describing what it is and why it is essential for modern life in the UK. We show the ways in which the industry is committed to building on its successes and strengthening the UK’s future, and sets out the terms of a partnership with Government that we believe provides the environment in which real estate can thrive.”
Bill Hughes, President of the British Property Federation and Head of Real Assets at Legal & General Investment Management, commented: “Never has the real estate sector held such a pivotal role in the future health of the UK economy. Alongside infrastructure, it is a key driver of growth, productivity, employment, and a long-term determinant of the quality of the built environment in which we live.
"As we round the corner to the General Election, the manifesto produced by the British Property Federation sets out the requirements the industry has from the tax and regulatory framework. It is essential that the next wave of politicians fully recognise the issues that will allow the industry to deliver the necessary and crucial investment into the UK and to deliver on the ground.”
