RICS call to boost rented housing with Trust

The private rented housing sector should be expanded by setting up a trust to make it easier and cheaper for pension funds to invest in the market.

An Approved Housing Investment Trust has been backed by the Royal Institution of Chartered Surveyors in its pre-Budget submission to the Chancellor. The RICS says the AHIT would be an asset-backed security which would enable pension funds to invest in the PRS without management difficulties and at a relatively low tax cost.

RICS also calls for a change in the Government's fiscal policy to help the clean-up of contaminated land by giving tax relief for the work; for local authorities to be able to spend up to 50% of capital receipts on refurbishment and maintenance of their housing stock; and for a lower rate of VAT to be imposed on all maintenance and alteration work to listed buildings