Bill Hughes
Chair of the Property Industry Alliance
(Member Organisations are AREF, BCO, BPF, CREFC, IPF, RICS and ULE)
From boosting productivity to ensuring sustainability, the country faces a range of challenges. The built environment has a crucial role in confronting these issues.
The year 2023 saw the climate crisis intensify, and our energy dependency was questioned amid geopolitical conflict. The UK faced crippling pinch points due to the cost of living crisis, coupled with an enduring need for housing.
Pension capital for economic growth
Meaningful public and private partnerships are key, enabled by their capital working hand in glove. Pension capital plays a vital role. The Mansion House Compact, for example, will catalyse further investment in high-growth sectors such as science and technology — offering opportunities to boost the UK economy and drive greater prosperity while creating value for millions who are saving for retirement.
Education to drive prosperity
Investment in education, such as universities, is crucial to improving the UK’s growth trajectory. Tertiary education requires extensive networks of facilities, including lecture theatres, laboratories, affordable accommodation and social infrastructure.
If we take a strategic, integrated and place-based approach to these investments, they act as nuclei for innovation and incubate the companies of tomorrow. As a result, we attract, nurture and retain talent, spurring social and economic growth.
The foundational role of property remains a constant in our society, irrespective of the political landscape.
Housing provision and decarbonisation
Housing provision across the UK is another top priority. The need for a multi-tenure approach is greater than ever and will not be met without proactive partnerships. Everyone in the UK should have access to good-quality, sustainable and affordable housing.
Finally, decarbonisation must lie at the heart of any long-term economic plan. The Green Property Alliance of the Property Industry Alliance has much to contribute here, and the influence of the Net Zero Carbon Buildings Standard project will be key.
Collaboration to future-proof real estate
The real estate industry must position itself at the forefront of effecting positive change — by bringing existing buildings on the journey to net zero, selectively adding new buildings that will stand the test of time, harnessing technology and encouraging sustainable behaviours from all stakeholders.
In a year marked by elections, the foundational role of property remains a constant in our society, irrespective of the political landscape. We must foster radical collaboration across the property industry, the public sector and the communities in which we reside.
Such collaborations may critically revolve around funding but will also lead to better dialogue and engagement. Ultimately, we need to see relationships between the public sector, investors and society flourish in the long term for the UK to thrive in the decades ahead.