Podcast: An update on the property market in the Scottish Borders
In the season finale of the ESPC Property Show Podcast, Paul & Megan are joined by Jan Baird from Hastings to discuss the local market in the Scottish Borders. They discuss how the market has changed since 2020, reasons to live south of Edinburgh and how English stamp duty changes may affect the market.
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Key Insights
Consistent market growth
The market in the Scottish Borders has shown consistent activity, with a reported 10% overall increase in sales, listings, valuations, and instructions compared to the previous year.
Post-COVID market changes
The COVID-19 pandemic brought a shift in demand to the Scottish Borders, driven by a desire for countryside living and more space. Although the initial post-pandemic rush has subsided, the trend has left a lasting impact, with the market more balanced than during the height of the "COVID chaos."
Appeal of the Borders
The region is highlighted as ideal for families and those seeking a quieter lifestyle. Its affordability, good schooling, and access to outdoor activities like hill walking and horse riding are major draws. Coastal areas, such as Coldingham and Eyemouth, have also grown in popularity.
Hotspot towns
Premium areas such as Melrose, Kelso, and Peebles are highly sought after for their vibrant communities, independent shops, and market-town atmosphere. Prices and property types vary widely across the region, offering options for different budgets.
Commutability to Edinburgh
Improved transportation links, particularly the train line from Tweedbank, make the Scottish Borders increasingly accessible to Edinburgh. This has made it attractive for remote workers who only occasionally commute to the city.
Impact of tax and legislation changes
Changes to English stamp duty and Scottish LBTT (Land and Buildings Transaction Tax) have started to level the cost differences between the two markets. The higher costs and stricter regulations for second homes in Scotland are discouraging investors, shifting focus to primary residences.
Lifestyle trade-offs
Some buyers drawn to the countryside during the pandemic are now reconsidering, finding the quieter lifestyle doesn’t align with their needs for amenities like cinemas and shops. This underscores the importance of prospective buyers exploring towns before committing.
Market stability for 2025
A stable market is predicted for the coming year, with pricing generally near home report values. The market remains robust but less frenzied, benefiting first-time buyers and facilitating more balanced transactions.
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