Labour Property Table
On May 15th, City Room Rentals’ Managing Director, Nick Findlay, attended the Property Round Table hosted in Edinburgh. The event brought together industry experts for in-depth discussions about the Scottish property market. Notably, Anas Sarwar MSP, leader of the Scottish Labour Party, was also among the participants. Some of the topics discussed included, but were not limited to, planning, non-domestic rates, the tax system, apprenticeships, the green revolution, housing bills, and entrepreneurship.
Through these ongoing conversations, it is evident that addressing government errors requires proactive measures. By fostering open discussions, the aim is to actively restore business confidence across the sector.
The event provided a unique opportunity to engage with one of Scotland’s prominent political figures while also facilitating networking among peers and industry experts. A key topic of discussion centred around the duration of planning applications. Notably, in Manchester, the process takes 16 weeks, whereas in Scotland, it can extend up to 78 weeks. The prevailing sentiment is one of scepticism: why invest effort when the outcome is likely to be rejection? This protracted process poses challenges for businesses, potentially deterring investors due to waning interest and the uncertainty over current rent cap provisoins. Further conversations also explored the future of Scotland’s property landscape and its implications for our economy. During the discourse, Anas outlined labours initiatives aimed at streamlining the processing time to a more efficient 16-week.
If this commitment can be realised, it holds the potential to revolutionise the entire industry. Notably, it would enhance affordability for residential properties, student accommodations, build-to-rent (BTR) developments, and industrial/commercial units. To bolster this concept, priority approval could be granted to property projects that contribute significantly to the economy. Additionally, developers’ fees would be refunded if the application process exceeds the stipulated 16-week timeframe.
During the Property Round Table, Alan Herriot made a crucial and perceptive observation: we are currently approaching an era of industrial space scarcity. A significant portion of Scotland’s industrial stock, approximately 80%, was constructed before the 1980s, and many of these structures are no longer suitable for their intended purposes. Additionally, the discussion touched upon the Green Revolution, which aims to transform historic housing to be more environmentally friendly.
The paramount objective, however, remains the establishment of an optimal investment climate for individuals and pension funds alike. Unfortunately, the existing procedures often hinder people from fully participating in these investment opportunities.
This session provided an excellent opportunity to connect with colleagues and industry experts, gaining valuable insights to address challenges directly. The event was filled with dynamic energy, encouraging the free flow of conversation. If labour can make the changes needed, we will see our economy flourish and the property market grow. City Room Rentals would like to thank everyone for the opportunity to share our thoughts and hope to have further discussions like this in the future.
