Scottish property industry calling for all sides to come together to boost economy
At their annual conference, the Scottish Property Federation (SPF) has argued that property is central to growing Scotland’s flatlining economy.
Property plays a ‘critical role’ in the Scottish economy and Scottish Property Federation boss Stuart Oag (pictured) is demanding the Government ‘acts decisively to restore investor confidence.’
It says Scotland should be an attractive proposition, well placed to take advantage of investment opportunities, but it needs the collaboration of the private sector and strong economic leadership.
Rent control
And, it insists, if the Scottish Parliament restores investor confidence by amending the Rent Control Bill and improves incentives for commercial developers to rejuvenate older vacant buildings, it could unlock £3bn in investment and produce 15,000 new homes.
To substantiate its claims, the federation cites recent research by Strathclyde University’s Fraser of Allander Institute.
Its data reveals the sector contributes an extra £73m to the wider economy for every £100m spent on Construction Projects. It also shows that for every 100 jobs directly involved in those new construction projects, a further 85 new jobs are created in the rest of the economy.
Oag says: “We are yet again highlighting the critical role property has to play in growing the Scottish economy and attracting investment into Scotland.
This has to include creating aspirational property policies which are matched to market reality.”
“This is even more crucial in an increasingly volatile global investment climate and following six years of uncertainty. However, this can only happen if the Scottish Government acts decisively to restore investor confidence.
“This has to include creating aspirational property policies which are matched to market reality, creating a decision-making and regulatory framework which is both predictable, yet flexible enough to respond to changing events, and fixing the flaws in the Housing Bill which are currently stymieing the development of thousands of new homes and the deployment of £3bn in investment.”
The Scottish Property Federation is the voice of the country’s real estate industry whose members include owners, developers, funders, agents and advisers.
