Minister meets with the Royal Institution of Chartered Surveyors

Finance Minister, Nigel Dodds, has reaffirmed the Executive’s commitment to investing in new public infrastructure to assist the construction and business sectors.

He was speaking after a meeting with the Royal Institution of Chartered Surveyors (RICS) to discuss a range of issues within the land, property and construction sectors.

The Minister also announced an evaluation of the vacant rating policy in Northern Ireland.

Mr Dodds said: “The Investment Strategy is designed to build the basis of our future prosperity and it is vital that we continue with the major capital building programmes already outlined. Departments are therefore fully focussed on delivering the Investment Strategy. Substantial progress is being made with capital investment in the 08/09 financial year expected to be more than £1.5billion. This compares with £676million five years ago."

The Minister also took the opportunity to announce an evaluation of the vacant rating policy in Northern Ireland.

He said: “I announce today an evaluation of the policy on the rating of empty commercial premises. This will look at the effectiveness and impact of the policy over the five years it has been in place, as well as considering its effect during this current economic downturn. In undertaking this evaluation my department will consider the views of all stakeholders.

“I am aware that the RICS is pressing for change in England and Wales but it must be borne in mind that I have put the interests of NI business first by not following the changes made there to vacant rating policy - where they moved to 100% liability as well as rating empty factories – precisely because of the impact it would have at this difficult time ”

Other items on the agenda included an update on how the Department is strengthening building regulations in terms of energy efficiency and sustainability; to further reduce the amount of carbon emissions from buildings and the effective implementation of the Energy Performance Certificates (EPCs) regulations.

Notes to Editors:

1. The RICS and its members are major players in helping the industry meet the challenges presented by the delivery of the Investment Strategy for Northern Ireland (ISNI).

2. Land & Property Services' (LPS) business brings it into contact with private sector RICS practitioners working in the property and construction areas through its role in all aspects of valuation and estates management such as compensation, procurement, acquisition, disposal and also in the area of rating, particularly non-domestic rating.

3. Vacant rating policy for non-domestic property in Northern Ireland was introduced in April 2004. Most vacant commercial buildings receive a three month period free from rates and are then liable to pay rates at 50% liability. In addition vacant factories here are free from rates.

4. The Review will be carried out by Rating Policy Division DFP and the views of relevant stakeholders will be sought, including business organisations and Councils. The evaluation is wide ranging and is expected to take six months to complete.

5. The Energy Performance of Buildings (Certificates and Inspections) Regulations (NI) 2008 were made on 10 April 2008. They introduced a requirement to provide an Energy Performance Certificate (EPC) when a building is constructed, sold or rented.

The Regulations provide for a three phased implementation of the certification requirements as follows:

30 June 2008: Sale of existing dwellings
30 September 2008: Construction of new buildings
30 December 2008: Rental of existing buildings; sale of existing non-dwellings.

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