Grim outlook for property investment sector
Robin Blacklock: ‘community may not be there’ (pic: Terry Murden)
Property owners and investors in Scotland are facing a “grim financial outlook” as a result of cash flow difficulties and lack of support.
A survey of those representing more than 1,600 commercial tenancies in Scotland reveals that 52% were facing serious or terminal financial challenges as a result of coronavirus-related rental income losses.
Robin Blacklock, chairman of the Scottish Property Federation, said the survey revealed “clear market failure, and he warned that when attempts are made to rebuild the economy there is a “very real risk that our investment community will simply not be there.”
Regarding support, only one of the respondents was able to access grant support and one other was granted the three-month empty property rates relief.