Uncertainty remains over constitution

Property investors return to Scotland after No vote

SpectrumInvestors have returned to the Scottish property market since the independence referendum which lifted uncertainty over the sector, according to a new report.

Property agent JLL said there been “a strong surge in activity” since the September poll and prices are expected to rise “modestly” by between 3-4% this year.

Its report on the UK housing market states that “question marks remain” over the constitutional future of Scotland.

However, it also notes that the SNP has been clear that the general election was not a vote about independence and the result is not a mandate for renewed independence aspirations.

“Uncertainty over the future of the union may create some hesitation over investing in Scotland, but in the main our teams have observed a strong surge in activity since the referendum that is expected to continue,” it says.

“New devolutionary powers are not expected to divert this investment, as the SNP’s primary goal must be to protect the strength of economic activity north of the border, including business connections with the rest of the UK.”

Jason Hogg, head of residential in Scotland, said: “Scotland’s business and political community will need to focus on reassuring the market of Scotland’s excellent credentials as a place in which to do business and invest.

“Since the referendum there has been a notable uptick in development land activity alongside a drive towards new private rented communities in Edinburgh and Glasgow.”

Picture: Spectrum development in Glasgow let by JLL

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