The coalition government has announced it has made £100 million worth of commercial property savings over the course of the last year and this has been welcomed by the Royal Institution of Chartered Surveyors (RICS).

Head of UK policy at the organisation Jeremy Blackburn stated this has been achieved through the Cabinet Office having more control over leases, acquisitions and unused buildings.

"Part of tackling the deficit will involve the government taking greater control over its property portfolio by cutting costs through the sub-let or disposal of public assets," he said.

Mr Blackburn added RICS is confident the coalition government's action over its commercial property portfolio is going to result in direct financial benefits.

It was recently confirmed by north operations director at RICS Jennifer Welch that Lord Shipley and Sir Ian Wrigglesworth are to be among the speakers at its upcoming summit to be held at the Centre of Life in Newcastle in the north-east of England.