Property boost likely in London if Scots quit UK

[LONDON] London's property market could benefit if Scotland votes for independence and some financial institutions decide to relocate to the UK, according to Rightmove Plc.

London would be a "logical destination, creating extra employment and knock-on demand for homes", Rightmove said in its monthly house-price survey on Sunday. The report showed asking prices for homes in the capital rose 0.9 per cent in September from August, ending three months of declines.

Royal Bank of Scotland Group and Lloyds Banking Group said last week that they plan to move their legal bases to England if Scotland votes for independence on Sept 18. The latest polls show the referendum result is too close to call.