Voters in Scotland have decisively rejected independence, deciding to remain part of the United Kingdom.

The “No” side received a total of 2,001,926 votes as the results from the 32 council areas across the country were revealed, compared to 1,617,989 for the “Yes” side, meaning a victory margin of around 55% to 45%.

Prime Minister David Cameron claimed the result of the historic referendum, which saw an unprecedented turnout, had settled the independence debate for a generation, perhaps even a lifetime.

Scottish National Party First Minister Alex Salmond, meanwhile, acknowledged that his long-cherished dream of leading his nation to independence was over, accepting defeat and urging the rest of the “Yes” campaign to follow suit.

Devolved powers

Attention will now turn to the devolution of powers in Scotland, as promised by Westminster during the referendum.  

But Mr Cameron, speaking outside Downing Street, also announced plans to devolve powers in other parts of the United Kingdom, not just Scotland, in a bid to achieve a balanced settlement for everyone.

Scotland’s housing market, which reportedly slowed in the run-up to the referendum, is expected to experience a surge of activity in the wake of the “No” vote.

A number of buyers were apparently waiting for the outcome before deciding whether to go ahead with purchases.  

‘Shot in the arm’

“We believe today’s No vote will inject confidence, optimism and stability into the market and that we will see a renewed vigour in the latter months of 2014,” said Andrew Rettie, head of agency for Strutt & Parker in Scotland.

“We all hope this will be a shot in the arm for the Scottish housing market and that the momentum seen earlier in the year returns to the sector. Buyers and sellers who have stalled in recent months while waiting to see how the referendum plays out can now move forward with relative certainty about what lies ahead.

“In helping this process, we appeal to the Westminster government for urgent clarity on the tax-raising and legislative powers which will be devolved to Holyrood so that vendors and purchasers can plan accordingly.”

Strutt & Parker’s Senior Partner, Andy Martin, echoed the same sentiment.  “I expect today’s vote to give a boost to the Scottish property market, although we do need certainty from Westminster on further devolution in order to confidently resume normality,” he commented.

“However, it is a stepping stone; we can now return to work and continue furthering our economic recovery together.”