05 Dec, 2025/ by Surveyor Local /News
On Wednesday, 26 November 2024, the Chancellor of the Exchequer, Rachel Reeves, presented her Autumn Budget to the House of Commons, laying out the plans for the next year and beyond and how those plans will be paid for.
The Royal Institution of Chartered Surveyors (RICS) has published its assessment of the provisions outlined in the Budget, highlighting both positive measures and areas of concern.
Apprenticeships and skills development
RICS welcomed the Government's continued commitment to major infrastructure projects and skills development across the country.
The organisation particularly supports the announcement of free training for all apprentices up to the age of 25 at Small and Medium Enterprises (SMEs). This initiative will help young people gain experience in the built and natural environment sector, potentially expanding opportunities within the surveying profession.
Energy efficiency concerns
RICS expressed disappointment at the scrapping of the Energy Company Obligation (ECO). Without a replacement mechanism, this decision could hamper the country's ambition to tackle the retrofit burden and meet challenging net emissions targets.
The organisation wants to see a continuing catalyst for retrofitting existing homes to improve energy efficiency.
Impact on the rental market
Recent RICS research highlights concerns about the 2% National Insurance increase on landlords' income. This change may lead landlords to reconsider their involvement in the rental market, with additional concerns that the cost could be passed on to tenants through higher rents.
Council tax revaluation
The Budget introduced a surcharge on properties valued over £2 million, requiring all properties currently in council tax bands F, G and H to be revalued. These bandings are currently based on valuations from 1991.
As the industry leader in property valuation, RICS has confirmed that when the revaluation process begins, surveyors' expertise will support the fair implementation of this surcharge.
RICS response
As RICS Chief Executive, Justin Young, commented on the Budget:
"The Government faces many challenges, and RICS recognises the difficult balancing act it must play.
There are positive moves, such as new support for apprentices under the age of 25, which should hopefully expand the pipeline of new talent into the surveying profession.
"It is encouraging that the Government is prioritising necessary reforms to the business rates system, and we are committed to supporting this effort through our members' expertise.
"Whilst these changes are welcome, there are several measures which may weaken the housing market, such as raising tax on dividends, property and savings income by 2%.
"Furthermore, it seems that commitments to sustainability are weakening. RICS is working with the Government to mitigate these effects and help it deliver its objectives."
Professional survey advice
When you're buying a property, you'll need that extra bit of peace of mind about the home. A qualified chartered surveyor will give you an independent view of the property, helping you make the right choice about going ahead with its purchase.
Surveyor Local connects you to professional advice through our nationwide panel of RICS-qualified chartered surveyors. They work hard to identify all kinds of problems, including structural issues and the impact of prior flooding.
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