THE people have spoken, we have our 90 new MLAs and RICS congratulates them on their election. But it is essential work is now done to ensure we have a stable and productive government that delivers.
We believe that devolution is best for Northern Ireland, and we urge the politicians to work to ensure that a devolved administration can be established as soon as possible.
Whoever is in charge, though, of crucial importance will be securing Northern Ireland’s best interests in relation to Brexit. A Northern Ireland Executive should put forward a Northern Ireland-specific case in relation to Brexit. And the UK government needs to ensure that the unique circumstances of Northern Ireland are recognised.
Also of paramount importance are infrastructure investment, housing supply, and Grade A office space - all of which play a central role in our ability to attract inward investment.
Northern Ireland’s infrastructure is aging and in need of significant upgrading. As we have stated in the RICS NI Manifesto, an introduction of domestic water charging and case-specific use of Public Private Partnerships, would be useful means to provide the funding to enable the necessary investment to happen.
We believe the issue of City Region Deals needs to be closely looked at. Nearly all major cities in Scotland and Wales have agreed billions of pounds worth of additional benefits to boost their infrastructure and wider economies, and even rural areas of Wales are set to benefit. Negotiations should begin with The Treasury on the issue of a City Region Deal for Northern Ireland.
Sufficient supply of appropriate office accommodation and workspace is crucial to attracting foreign direct investment. However the supply of Grade A space in Belfast is extremely limited – though improving. Prime city centre enterprise zone models should be considered as a way to boost office development.
The fast-tracking of planning applications, and development of commercial incentives to upgrade existing space to Grade A offices should be high on the agenda as well. Vacant rates relief for new build or upgraded office development, for a set temporary period or until full occupancy is reached is also worth consideration.
In terms of housing supply Northern Ireland is currently building less than half of the new homes that it needs, and available tools such as Financial Transactions Capital should be promoted to encourage more joint ventures between private developers and housing associations, boosting the house building sector and delivering mixed tenure development.
In addition, letting and managing agent regulation should be introduced to drive up standards, transparency and fairness in the Private Rented Sector to ensure its viability as a housing option.
There will be significant challenges in the near term – in terms of forming an administration – and over the next five years - not least with Brexit and in terms of prioritising where the available money will be spent, with more pressures on finance.
It is more important than ever that tough but necessary decisions are made to support innovative growth in Northern Ireland through investment in critical areas.
:: Ben Collins is director of the Royal Institution of Chartered Surveyors (RICS) in Northern Ireland, which represents 4,000 cross-sectoral members comprising of chartered and associate surveyors, trainees and students.
