Any type of uncertainty can affect residential markets and it will be interesting to see what impact the independence question will have on the Scottish property sector. While potential vendors are already asking how it might affect demand, the possibility of independence does not yet appear to be of material concern to buyers. However, independence may become a more pressing issue as the debate evolves and particularly in the run up to autumn 2014, the SNP’s preferred referendum date.

Scotland is currently the most searched location on the International Savills website, after London and the South East. The overriding driver in the country house and estates and market is privacy and space, and neither of these factors would change with independence. In terms of the residential market, buyers move between and within cities for jobs and family reasons.

The question really is not how will independence affect property prices, but how both the economy and future taxation policies might affect purchasers’ decision-making. Both of these are yet unknown quantities and at this early stage there has been little or no change in buyer sentiment. Scotland continues to be perceived as a relatively safe place to invest in residential property.

Taken from
Spotlight: Scotland's Prime Residential Property Market, March 2012