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Expert Blames Referendum for Property Slump in Most Expensive Properties

An expert has blamed the Scottish referendum and changes to the land reform for a slump in the Scottish property market in the most expensive country estates.

According to a leading property agent, the uncertainty caused in the referendum led to a “pause” in the sale of estate properties from wealthy buyers in and out with the UK. 2013 saw 20 sporting estates sold while this year, only eight have been purchased.

Property Sales Falling

Experts believe that the uncertainty over many of the big questions regarding Scottish independence led to a hesitant market. The number of estates sold in Scotland has fallen by 12 this year with some estates last year selling for almost £20 million.

Evelyn Channing, director of the rural department at Savills believes that the uncertainty caused by the referendum left many holding off until the outcome of the referendum.

She also believes that the land reforms proposed by the Scottish Government may dampen the market and will lead to the market struggling to restart.

Uncertainty

Channing said: “We anticipated that the referendum might dampen the estate market in 2014, equally from a seller’s and a buyer’s perspective.

“Sellers do not wish to market their property to a diminished audience; some buyers do not wish to commit with important ‘known unknowns’ on the agenda.”

She added:“The referendum and the awaited land reform proposals, together with the Common Agricultural Policy (CAP) reform, had the accumulated effect of creating uncertainty in the rural property sector in 2014 which in turn caused the market to pause.”

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