Investors less likely to invest in an independent Scotland

A survey by Nabarro shows that 81% of Britain’s top property developers and investors would be “less likely” to invest in an independent Scotland. The research shows that Scottish cities were already falling out of favour, with only 10% of the 239 investors polled stating they would invest in Glasgow while 23% would consider Edinburgh. In comparison, 73% of investors polled would invest in Manchester and 42% would invest in Birmingham. More than half also said they believed that while London would remain a magnet for investors its commercial real estate market was “over-valued”. The number of mortgages being approved has dipped to the lowest level since January, according to new figures from the Bank of England. The Bank said that there were 61,707 home-loan approvals for house purchases made in May, down from 62,806 the previous month and lower than a recent peak of 75,901 in January. The dip in May approvals follows the introduction of new lending rules in April under the Mortgage Market Review, which force banks and building societies to undertake tough affordability checks before they grant loans. “We expect mortgage lending volumes to stage a gradual recovery in the second half of this year,” comments Paul Hollingsworth of Capital Economics. TheEvening Standard’sJames Ashton questions whether the market is naturally correcting itself without the need for interference, but calls what the Financial Policy Committee has done so far “reasonable and balanced”. .