Reaction round up

Scottish Property Federation comments on Referendum outcome

David Melhuish, Director of the Scottish Property Federation, outlines how the No vote for Scottish independence will impact the commercial property market:

“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.”

Residential property ‘no’ vote – Knight Frank comment

Ran Morgan, Head of Knight Frank Scotland, commented:

“The certainty provided by a ‘No’ vote will allow the property market to return to more normal trading conditions. The fundamentals are in place to ensure a full recovery, led by the key cities of Edinburgh, Aberdeen, Glasgow and rural counties within commuting distance of large employment hubs. Improving economic activity levels in the UK, better consumer sentiment and higher bank lending will all help to kick-start the market.”

“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. We believe that the outlook for the prime property market in Scotland is positive. Our forecast is that prime values will rise by 3% by the end of this year and by a further 3-6% in 2015.”