Property lawyers Moore Blatch have warned that a vote for Scottish independence on Thursday could push high-end rental prices and the cost of pied-a-terre properties in London higher.
The firm claimed that with Scotland’s two leading banks and other financial institutions having already announced their intention to move their head offices to London in the event of a ‘yes’ vote, hundreds of senior staff are likely to have to move to the City.
Moore Blatch, which has already witnessed a decline in foreign investment in property, believes that such a migration of well-paid individuals to the City could reverse any recent stagnation in the London market.
George Gilpin, senior solicitor at Moore Blatch, said: “Whilst a lot of uncertainty surrounds the vote, if Scotland says yes, we could we see a boost in rental demand and rental inflation in London. Similarly, as many staff will not necessarily want to move permanently, we could also expect to see demand for pied-a-terres rise.
“In terms of house prices it is more a possibility of halting the decline caused by the reduction in investment from overseas and therefore more stable prices.”
