Following Friday's result that Scotland has voted to remain part of the UK for the foreseeable future, a number of industry experts have commented on how the result could affect the Scottish construction sector.

The vote was confirmed early on Friday morning, with 55% against independence from the UK.

Last week, Barbour ABI, construction information specialists, warned that up to £7bn of planned projects were at risk, if Scotland voted to break away from the UK. Now, however, construction projects are predicted to increase, and many experts have commented on what the 'No' vote means for the industry.

David Melhuish, Director of the Scottish Property Federation, commented: "The uncertainty over Scotland's constitutional future is now settled and it is important that political certainty is now regained if market confidence is to be secured in the commercial property sector.

"Certainty on the content and substance of the UK political parties' proposals to enhance the powers of Holyrood and a commitment by the Scottish Government to work constructively with this process is vital if we are to ensure normal business and investment activity in the wake of the uncertainties expressed during the referendum campaign."


While Walter Boettcher, Director of Research and Forecasting with Colliers International, commercial real estate services, said: "Irrespective of personal views and sentiments, it is certain that uncertainty has been lifted for businesses on both sides of the border. While the 'No' vote suggests that little has changed, in reality we may be seeing the beginnings of a fundamental shift UK-wide between Local Governments and Central Government.

"The referendum has highlighted how a new balance of local and central powers and decision making must evolve to accommodate local aspirations and perceptions of economic opportunity. Regions must have the power to determine their own economic strategies and exploit what they see as their own competitive advantages.

"From a narrow business perspective, economic and financial confidence has perhaps regained its balance and this will drive higher levels of activity as pent up demand and projects shelved temporarily will be dusted off and pushed through. Certainly property sector leasing and investment transactions both north and south of the border will see a decisive boost.

"From a broader strategic business perspective, given international appetite for infrastructural development by sovereign wealth funds in a very low interest rate environment, the opportunity for commercial real estate investment and development is staggering and may sustain activity levels well beyond the normal limits of traditional property cycles."

(JP)