Overview of the Property Sector
The UK property sector requires a variety of skills, involved in all aspects of property across commercial, industrial, residential and agricultural sectors. The property industry is a diverse sector employing individuals across a range of sub-sectors including architecture, surveying, facilities management, planning, engineering, environment, development & management, investment, lettings & sales. According to Open University, there are approximately 360,000 people employed in the UK property and housing sectors working in over 105,000 organisations.
According to the IPF Size and Structure of UK Property Market, the total value of UK commercial property, which covers the three main sectors of retail, offices and industrials along with hotels, pubs and restaurants, leisure and miscellaneous types was estimated at £647bn in mid-2013. These sectors generate £50bn of rental income on an average yield of 7.8%. By value, 45% of this property is retail including pubs and restaurants, 28% is offices, whilst 18% and almost 9% respectively are industrial and ‘other commercial’. London now accounts for a little over a third of total value.
The total value of the UK’s residential stock is estimated to be £4,615bn (2013), seven times the size of the commercial property value. Almost all of this is privately owned, mainly by owner-occupiers but including about £837bn in the private rented sector. Housing associations, local and central government and their agencies account for about only £200bn of residential property value.
CPD in the Property Sector
The Association of Residential Lettings Agents (ARLA) states Continuing Professional Development is an integral part of ARLA membership. CPD ensures members are up to date and continually evolving their knowledge of an ever changing industry and market. CPD is mandatory for all ARLA members who are required to undertake at least 12 hours CPD activity per year. Evidence of at least 12 hours CPD must be provided annually.
CPD is integral to the Institution of Commercial and Business Agents (ICBA) membership. ICBA states that Continuing Professional Development is intended to be tailored to personal needs, and should help to improve key areas as a property professional. CPD comprises of 4 hours attendance at relevant educational events and 8 hours independent study.
As from 1 January 2011, the Institute of Residential Property Managers (IRPM) has made CPD requirements compulsory to members and require the undertaking and recording of at least 15 hours CPD per year.
All Royal Institute of Chartered Surveyors (RICS) members must complete a minimum of 20 hours CPD each calendar year, of which at least 10 hours must be considered formal CPD, a structured learning activity with clear learning objectives.
Members of the Association of Professional Inventory Providers (APIP) are encouraged to complete at least 12 hours CPD activity per year, of which 4 hours should be obtained by attendance at relevant educational events and up to 8 hours by relevant study.
- British Property Federation
- Chartered Institute of Building (CIOB)
- Royal Institution of Chartered Surveyors (RICS)
- Association of Residential Lettings Agents (ARLA)
- National Association of Estate Agents (NAEA)
- National Approved Lettings Scheme (NALS)
- Institute of Residential Property Managers (IRPM)
- Association of Professional Inventory Providers (APIP)
- National Federation of Property Professionals (NFoPP)
- Construction Industry Council (CIC)
- Institution of Commercial and Business Agents (ICBA)
- Investment Property Forum
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