The Northern Ireland Executive should only buy-up land and unsold property for social housing purposes, and not to help out ailing developers, the body representing chartered surveyors has urged.

The Royal Institution of Chartered Surveyors (RICS) said Ministers should not be persuaded to help-out private developers, suffering from the collapse in the housing market, unless it can provide value for the public purse.

RICS urged the government to only step-in for "social housing in areas where there is an urgent need and at a price that ensures best use of funds".

Property developers have continued to call for government support, which they say could save many jobs, and prevent local businesses from going under.

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Northern Ireland RICS Chairman, John Davidson, said: "The property and construction sectors face an enormously difficult period, and there are steps that the Executive can take in the wider public interest.

"However, the Executive should not buy up residential development land or unsold properties for social housing as a means of bailing out private developers."

Mr Davidson welcomed a reassurance from Housing Minister Margaret Ritchie that her department had no plans to bailout private developers.

"She and her Executive colleagues should remain resolute in this approach. The Executive has a limited budget which is coming under increasing pressure and it must ensure that this money is put to best use," he said.

"Social housing has an absolutely crucial role to play in Northern Ireland and if the Executive is able to buy land at a good price to satisfy specific housing need then it should do so.

"But this must be in the wider public interest and not to subsidise ailing developers," suggest Mr Davidson.

Under its Royal Charter, RICS is obliged to act in the public interest.

The body amalgamates property, construction and associated environmental issues.

(PR/JM)