Last week I had the pleasure of attending another insightful conference from the Scottish Property Federation with my colleague Laura Lapsley. Our thanks to the organisers for delivering another great event, filled with informative discussion and even a bit of Dundee marmalade from the InvestDundee team.
As ever, the panel discussions were fascinating, ranging from Scotland’s housing crisis to the role of technology in the property industry. Particularly noteworthy, was the discussion between investors and Scottish Government ministers on the current Housing Bill, especially given Friday’s announcements and the weekend’s developments!
The investors were clear, the rent control measures in the Housing Bill are preventing investment in Scottish housing, impacting both the Build to Rent and Affordable Housing sectors. Going back a short while, there was a £3billion pipeline of demand ready for investment. However, the political uncertainty has delayed investments. One company had previously invested £350M in Scotland and has a £450M investment pipeline but they are refusing to formalise contracts because of the uncertain political conditions created by rent controls.
As ever, the SPF conference was a valuable networking event, this time with a forceful and frantic undertone. There was a clear consensus that government policies must provide certainty and reliability to encourage investment and development, the tap must be turned back on. There are some great opportunities with the likes of Dundee Waterfront and the Barclays campus in Glasgow, showcasing the local leadership and funding resources, but to build great spaces, we need policy certainty. In the wake of yesterday’s headlines, that might be a while to come yet.
