Property deals north of the border have plunged 80% since the start of the economic crisis, according to new figures from the Scottish Property Federation.
The SPF said years of low or no economic growth had led to a £5.1bn fall in the value of year-on-year commercial property sales in Scotland since 2007.
It is now urging the Scottish government to focus on economic recovery and work with the property industry to unlock its potential to aid economic growth.
To do this, the SPF proposes that the government:
- Ensures planning fee increases go hand-in-hand with service improvements;
- Introduces pragmatic climate-change regulations to improve the energy efficiency of homes and business premises in view of continuing economic fragility;
- Reforms business rates policies, including the drag of empty property rates on commercial property investors and developers;
- Supports new infrastructure investment to boost the economy.
SPF chairman Jestyn Davies, who is managing director of Murray Estates, said: “The wider picture of the low- or no-growth economy continues to affect the property industry harshly. It is vital that our political leaders understand that this remains a barrier and a constraint on jobs and economic growth in Scotland.”
lisa.pilkington@estatesgazette.com
