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UK property professionals have vital role to play in economic recovery

The strong, global reputation of property professionals will not only play a vital role in ensuring that the economy emerges successfully from the current downturn but will also be essential to sustained prosperity in the longer term., says a report published by the Professional Services Global Competitiveness Group.

The Group, established by Chancellor Alastair Darling and chaired by City Minister Lord Myners and former Policy and Resources Committee Chairman at the Corporation of London, Sir Michael Snyder, says that efforts by the Royal Institution of Chartered Surveyors in promoting and developing the profession around the world are to be strongly encouraged.

In the report, commissioned by HM Treasury, it recommends that the Government works with RICS to promote UK professionalism in the field of international valuation standards as best practice, in the interests of future global financial stability.

It also suggests that the planning system would benefit from more, and better qualified, recognized and rewarded planners in local government. Increasing the number of planning related university courses and bringing experienced planning officers back from the private sector would help.

Overall there is a strong need to develop better understanding of the value of professional, strategic asset management among businesses, for example by including a property element in business education,' it also says.

The report highlights the global reach of RICS members and the confidence that their reputation for excellence and integrity inspires in potential investors in the UK, emphasizing RICS' leading role in developing international valuation standards and norms of measurement in construction.

RICS President Peter Goodacre said he welcomed the encouragement of new interface between the Government and property professionals. 'As well as recognizing the major role of the land, property and construction sector in the economy, the report emphasizes the reputation for excellence and integrity of our professionals, which is such a distinctive feature of the UK brand,' he added.