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With the ‘Yes’ vote narrowly ahead for the first time, the impact of Scotland’s potential independence has hit the property world. Proposed deals across London are being put on hold until after Thursday’s referendum as factors such as the devaluation of the Sterling in recent weeks making investors and developers uneasy about risking money that may become further weakened if Scotland votes ‘Yes’. For some deals that have made it over the line, ‘subject to ‘No’ vote’ clauses have been included in offers, protecting potential buyers against the pitfalls an independent Scotland may bring to property.
However, after some of Scotland’s biggest companies stated they would consider moving headquarters if Scotland did gain independence, there could be an influx of business entering the UK; Standard Life and RBS have both voiced concerns about a ‘Yes’ victory, with Standard Life stating it would relocate large parts of its business to England – potentially good news for commercial property agents across London, as Oliver Salter a commercial agent notes,
“With large businesses across Scotland considering relocating large scores of staff to England, London can be seen as the obvious destination, could prove very beneficial for agents across London – however with such short supply in central London, it may be difficult to get good deals”.
The referendum will have some impact on the London office market, however it is unclear to what extent. With investors and developers holding off on deals and household companies edging towards relocations, London could well be in line for an influx of staff. With demand far-outweighing supply, it may be difficult to find value for money if this does happen. Only time will tell!
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.