‘No’ vote will return property market to ‘more normal trading conditions’

David Meluish
David Meluish

The Scottish Property Federation has said the Referendum outcome has removed the uncertainty around the commercial property market.

David Melhuish, director of the Scottish Property Federation, said: “The uncertainty over Scotland’s constitutional future is now settled and it is important that political certainty is now regained if market confidence is to be secured in the commercial property sector.

“Certainty on the content and substance of the UK political parties’ proposals to enhance the powers of Holyrood and a commitment by the Scottish Government to work constructively with this process is vital if we are to ensure normal business and investment activity in the wake of the uncertainties expressed during the referendum campaign.”

RICS said the Scottish referendum has been a hugely significant event for the Scottish people, and all those across Britain who have been engaged in the debate about the future of the union.

Jeremy Blackburn, head of policy and parliamentary affairs at RICS, said:“RICS is apolitical and has remained neutral throughout the independence debate. The decision was of course for the Scottish people to make and this has now happened. Change on this scale always brings an element of uncertainty and ministers at Holyrood and Westminster now need to come together to provide clarity, reassurance and direction.

“RICS is an organisation with a Royal Charter and, therefore, has a duty to use our members knowledge and insight for wider public benefit. We are committed to ensuring that our members play a positive and active role in shaping the built environment. As a consequence of our Royal Charter, RICS in Scotland is in a unique position to provide a balanced perspective on issues of importance to the land, property and construction sectors.

“During the debate UK party leaders pledged further devolution of powers to the Scottish Government. We call on all political parties to quickly agree on a robust devolution settlement, providing a concise and comprehensive timeline for implementation. Given the importance of property investment and development in the Scottish economy, we look forward to working with Scottish Government during the transfer of powers.”

Get Britain Building campaigners have called on all political parties to agree quickly on a robust devolution settlement following the outcome of the Scottish referendum.

Mike Leonard, spokesman for Get Britain Building, said the time had come to draw up long term investment plans in Scotland to attract inward investment, stimulate growth and local jobs.

“All minds must now be focused on swiftly removing the brake on economic growth that the uncertainty has caused.”

Leonard said: “This is the right decision for Scotland and the Union. Many investment decisions have been delayed due to the uncertainty created by the referendum.

“The high turnout and the clear 10 point mandate is the green light for economic growth that will secure jobs and growth for the people of Scotland.”

“The time has come for a concerted drive to Get Scotland Building using local materials and labour,” said Leonard.

“What we want to see is meaningful 30 year plans to develop the built environment of the key regions of Scotland.

“This will attract inward investment, deliver more and better homes and secure long term meaningful employment and economic security.”

John Longworth, British Chambers of Commerce director general, said: “The people of Scotland have spoken. Their historic decision to remain part of the United Kingdom will be a relief to many businesspeople and a disappointment to others, but it was a decision for the Scottish people alone to make.

“The companies I speak to are clear that this cannot simply be the first in a series of referenda, until one side or the other gets the result that it wants. Business and investment prospects across the UK would be deeply hurt by a Quebec-style ‘neverendum’ - a lesson that politicians must heed.”

Ran Morgan, head of estate agent Knight Frank in Scotland, said the “certainty” from a No vote would “allow the property market to return to more normal trading conditions”.

He added: “We expect we will be very busy in the coming months as vendors and buyers, many of whom have put off making a decision to buy or sell a property in Scotland due to the referendum, return to the market. This will lead to an increase in the number of transactions at all levels of the market.”

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