Scotland’s housing market continues to improve despite the ongoing debate regarding independence.

Data from the latest LSL/Acadata Scotland House Price Index shows average house prices were up 1.1%, or £1,680, in January – the largest monthly increase for over four years.

Prices were also up 3.9% year-on-year, the largest annual increase since September 2010, taking the typical value to £160,270.

The rise in January makes it five consecutive months of growing prices, something which Donald MacLellan, chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, believes indicates that the market has bounced back.

“The enthusiasm of property investors suggests the independence debate is having no impact on confidence within the Scottish housing market,” he said.

“Whether the possibility of Scottish independence throws up all sorts of question marks such as the economic cost of a separate monetary system for Scotland, currency risks, changes to stamp duty and land tax, the property market seems currently unaffected.”

The LSL data also shows that 2014 recorded the highest volume of residential property sales in a January since 2008 as confidence floods back to the market.

Both buyers and sellers are optimistic about their chances in the current climate, which has benefited greatly from the wider economic recovery.

“Increased lending and mortgage availability are reaching heights not seen since before the recession as first time buyers return to the market en masse,” added Mr MacLellan.

“Mortgage finance, for those who can access it, is at its cheapest for some time.”

Discussing the implications of the referendum on Scotland’s housing market, Malcolm Leslie, Strutt & Parker’s head of country house properties in Scotland, said: “Markets hate uncertainly. I imagine that there will be a very difficult transitional period after a ‘yes’ vote but before full independence (not likely until 2016), while Scotland negotiates the constitutional settlement with Westminster.

“The detail of that settlement will be all important. Ultimately, people will still have to move house and trading will continue but expect a challenging 18 months. In the long term, if the political situation is stable, people will still want to invest in Scottish country houses, which can provide a quality of life difficult to achieve elsewhere.”