Thepublic estate in the United Kingdom is the collection of allgovernment-ownedreal propertyassets in theUnited Kingdom. TheOffice for National Statistics estimated in 2008 that the public estate has abook value of £380billion, which is about £6,000 for every UK resident.[2] Of this, approximately £240 billion is held bylocal government, while the rest—£130 billion—is held by thecentral government andpublic corporations.[2]
In 2007, theOffice of Government Commerce estimated that the government's office portfolio was worth £30billion, and cost £6 billion annually to run.[3]
In the mid-1990s, governmentreal estate management functions were passed from theProperty Services Agency to individual departments.[4] TheNational Audit Office stated in 2006 that the motive behind this change was that it brought greater clarity and accountability, although it also diminishedeconomies of scale and synergies between departments.[4] TheProperty Services Agency was succeeded byProperty Holdings, which in 1996, was succeeded by theProperty Advisors to the Civil Estate.[5]
TheOffice of Government Commerce (OGC) has no authority to direct other government departments.[6] Rather, it issues guidelines and has an advisory role.[6]
Central government bodies adhere to theCivil Estate Co-ordination Protocol (CECP).[7]
Government departments are accountable for managing and using their own property portfolio.[8][9]
