The UK's current regeneration model is defunct, too reliant on very large amounts of public finance and needs to be replaced with a system that has economic growth and job creation at its heart.
That is the message from the British Property Federation to the Government.
On deadline day for responses to a Government inquiry into regeneration, the property industry highlighted the fact the regeneration template of the last 15 years was no longer viable with little activity outside prime central London.
Yet if the economy is going to be rebalanced away from dependency on the public sector an active regeneration agenda is more important than ever to rekindle economic growth.
Liz Peace, chief executive of the British Property Federation, said: "Regeneration in most of the country ground to a shuddering halt during the economic crisis. The Government must use this opportunity to ensure regeneration is kick-started and driven by a clear economic agenda that moves away from reliance on public sector finance.
"Cutbacks in public spending mean that the days of large injections of public money to get regeneration projects off the ground are over. A new model is needed that rewards both local authorities and developers who opt for regeneration and growth.
"The Government has announced a number of new initiatives intended to foster growth and regeneration such as enterprise zones, tax increment financing, the new homes bonus and local retention of business rate revenue.
"We are generally supportive of these initiatives, but a great deal more work is needed to ensure that they operate effectively in practice."
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