The bid to secure £1 billion of funding for housing development and infrastructure improvements across Edinburgh, the Lothians, Fife and the Borders has been welcomed by RICS Scotland.

Six bid partners submitted their proposal to the Westminster and Scottish governments on Friday.

The Edinburgh and the South East of Scotland City Region deal has received a significant level of backing from businesses.

RICS Scotland director, Sarah Speirs, said: “RICS welcomes the bid from Edinburgh and the South East region to secure City Region funding, and we urge the UK and Scottish Governments to fully support and endorse this proposal.

“In our forthcoming Residential policy paper, due for launch later this month, RICS stated that City Deals are a welcome initiative for infrastructure and housing development, as this funding option is unrestricted in its development when compared to state-led investments.

“This funding package, if targeted correctly, could go some way to enhancing housing development and much-needed infrastructure and connectivity for the region; all of which will lead to the creation, and maintenance, of jobs and sustainable economic growth.

“RICS suggested the funding package be managed by housing investment and infrastructure experts who have skills in markets and delivery processes, and for the remaining three cities in Scotland, that have not yet bid for funding of this nature, to actively seek ways to do so.”