What's been happening in the Scottish Borders property market?
Scottish Borders Property Market Data – Key Points
- During October-December 2022, the average selling price of property in the Borders was £227,094
- Buyers paid 104.8% of Home Report valuation on average for Borders properties.
- The median days to under offer increased to 20 days, up from 19 in October-December 2021.
- A total of 15.6% of Borders homes for sale went to a closing date during this period.
Scottish Borders a popular option due to affordable prices
There has been a trend of high levels of insertions in popular locations outside Edinburgh, with an 11.9% annual increase on homes listed in the Scottish Borders.
The average selling price of property in the Scottish Borders was £227,094 during October-December 2022 – an increase of 4.4% annually.
Galashiels was the most affordable area to buy a home in the Borders; the average selling price of property here was £132,221 during October-December 2022. Three-bed houses in Kelso sold for an average of £255,550. This makes Kelso an excellent option for many prospective buyers including first-time buyers, families looking for an affordable starter home, downsizers, those interested in buying a holiday home, or property investors looking for buy-to-let opportunities.
The most expensive area to buy a property in the Borders during this time period was Peebles, with an average selling price of £259,926.
SEARCH ALL PROPERTIES FOR SALE in the bordersSelkirk and Kelso were the most popular place for buyers
During October-December 2022, sales volumes for property in the Borders shows that buyers were particularly keen on the areas of Kelso and Selkirk, which offer a rural community feel balanced with excellent local amenities and strong transport links.
Three-bedroom properties in Kelso, a quaint market town in the heart of the Scottish borders, were the most popular property type for Borders buyers, selling for £255,550 on average.
Two-bedroom houses in Selkirk were also popular, selling for £154,375.
Buyers willing to pay more to secure their dream home
Buyers in the Borders paid a higher percentage of the Home Report valuation on average, as demand for homes increased and buyers acted accordingly to secure their chosen properties. During this period, Borders buyers paid 104.8% of Home Report valuation on average for properties in the area, which is 1.7 percentage points lower than the same period last year.
Buyers in Kelso paid an average of 104.9% above Home Report valuation, which is a 4% decrease on last year.
Strong competition from buyers with offers being accepted quickly
The period of October to December 2022 saw the property market in the Borders continue to thrive, with buyers facing strong competition, despite the challenging economic markets.
The median time for properties to go under offer was 20 days, one day slower year-on-year.
Three-bedroom houses in Kelso sold the fastest, going under offer in a median time of just 13 days.
A total of 15.6% of properties for sale in the Borders went to a closing date during October-December, showing how strong buyer demand for homes is in this region.
Closing dates were most prevalent in Selkirk, where 18.8% of homes for sale went to a closing date – an increase of 18.8% year-on-year. This was followed by Galashiels, where 12% of listed properties went to a closing date.
SEARCH ALL PROPERTIES FOR SALE in the borders
Find out more
With a wealth of local property knowledge, ESPC solicitor estate agents make the home buying and selling processes as easy as possible. If you’re looking to buy or sell a house or flat, find an ESPC solicitor agent today.
What does it all mean?
Paul Hilton, CEO of ESPC explains: “One of the biggest incentives for Borders buyers is the strong affordability of homes in the area. With many people now seeking additional living space to accommodate home working, it’s no surprise that the prospect of a bigger, more affordable home in the Borders is very appealing.
“Kelso has become a popular place for people to live and would make an excellent place to relocate to if you’re looking for a quieter lifestyle, but still with plenty to see and do.
"For homeowners considering moving this year, speak to one of our ESPC solicitor estate agents about your sale. Securing a buyer in the early part of 2023 puts you in a very strong buying position for the Spring market.
“ESPC solicitor estate agents are up to date with what is currently happening in the local market and have the skills and expertise to provide the guidance and support you need.”