Previously when I have been asked this question I have had to answer in the negative in that I have not been aware of any impact on the property market. I have now come across a number of examples of potential property investors, both large and small, who are holding back investing in Scottish property dues to the uncertainty of the Referendum. The main concern appears to be what impact there will be on bank lending should people vote in favour of independence. It is thought that this will cause the banks to reduce the amount of funds they are prepared to lend in the Scottish property market – never mind the question of what currency will be in use – and this will have a damaging impact on house prices in general. This is the first time I have been aware of this sentiment and it may curtail the surge of buy to let property investors that I have been expecting. I will monitor trends and report back.
Lindsay Darroch Partner – Head of Property
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Lindsay, I’ve also experienced the same situation particularly with clients based in London or overseas. Whilst I expect and hope that whatever the referendum result property values will remain buoyant, there is certainly an air of uncertainty holding back investors for the time being. Local investors are carrying on as normal in my experience however.