80% drop in the value of Scotland's property deals
Published by Max Salsbury for 24dash.com in Central Government and also in Finance, Housing
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The value of commercial property sales in Scotland has fallen by over 80 percent since the start of the financial crisis, new data has revealed.
Now the sector has urged the Scottish Government to work with it to unlock the potential for economic growth.
Over 150 industry delegates gathered in Edinburgh for the Scottish Property Federation’s (SPF) annual conference to hear how years of low or no economic growth has led to a £5.1 billion fall in the value of year-on-year commercial property sales since 2007.
To encourage economic growth the SPF called on government to:
• Ensure planning fee increases go hand-in-hand with service improvements;
• Pragmatic climate change regulations to improve the energy efficiency of homes and business premises in the light of continuing economic fragility;
• Reform business rates policies including the drag of empty property rates on commercial property investors and developers;
• Support new infrastructure investment to boost the economy.
Jestyn Davies, chairman of the SPF, 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.
“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.”