SPF calls for focus on economic recovery as property deals slump 80%
The Scottish Property Federation, which held its annual conference this week, has revealed that the value of commercial property sales in Scotland has fallen by more than 80% since 2007.
The £5.1bn fall in the value of year-on-year commercial property sales since the start of the economic crisis led the SPF to call on the Scottish government to work with the industry “to unlock its potential for economic growth”.
The SPF wants the government to ensure that planning fee increases “go hand in hand with service improvements”, to reform business rates policies (particularly empty property rates), to bring in new, “pragmatic” energy efficiency regulations covering residential and business property, and to support new infrastructure investment.
Delegates to the conference as discussed the ongoing review of town centres in Scotland – where retail vacancy rates are as high as 26% in some areas – and the future prospects for the high street.
SPF chairman Jestyn Davies said: “There is great potential within our industry to contribute to national wealth and indeed to create jobs, improve placemaking and enhance the energy efficiency of commercial buildings: but we need the best possible regulatory and tax environment that allows the sector to attract investment and flourish.”
