Scotland's real estate market will benefit from certainty after a majority of the electorate voted 'no' in Thursday's referendum on independence from the rest of the UK, according to JLL.

Scotland's real estate market will benefit from certainty after a majority of the electorate voted 'no' in Thursday's referendum on independence from the rest of the UK, according to JLL.

'Today’s result will provide a welcome boost to Scotland’s property market. Uncertainty surrounding the possible outcome of the referendum has undoubtedly been a factor in the decision-making process for many potential occupiers and investors, although some will continue to hold back commitments until there is a clear indication of what that result means for Scotland and wider UK,' said Alasdair Humphery, lead director for JLL in Scotland.

'Following today’s result, I am optimistic we’ll see more confidence returning to the market and an increase in activity from international occupiers, some of whom had previously been reluctant to progress expansion plans.'

DEVO MAX
Now that Scotland has voted against independence the focus will shift to promises made to the Scottish people by the UK government and the wider 'no' campaign to devolve more powers from London to the Scottish parliament in Edinburgh. The promised reforms including near fiscal autonomy for Scotland have been dubbed 'devo max', which stands for maximum devolution.

JLL's Humphery: 'The constitutional and fiscal changes that will occur if Scotland is granted 'devo max' are at this early stage an unknown quantity. We will clearly be keeping a close eye on proposals for further devolution of powers, and what these might mean for our clients not only in Scotland but across the UK. However, the devil is in the detail, and much of this detail has yet to be worked out.'

'We’ll be monitoring developments over the coming months to form a better sense of what the Scottish property market will look like for our clients and how we can best advise them to plan for the future,' he added.