Scottish Borders property market update

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11th March 2021

Scottish Borders property market data - key points

From December 2020 to February 2021, the average property selling price in the Scottish Borders was £247,007, up 13.7% compared to the previous year.
During this time in this area, the median selling time was 26 days compared to 45 days last year.
Over the past three months, the average Home Report valuation achieved by properties sold in the Scottish Borders was 101%, compared to 96.8% last year.
70% of properties in the Borders were sold for at least the Home Report value, compared to just 44.8% last year.
Kelso achieved the greatest volume of property sales during this time while Galashiels experienced the biggest number of new homes coming to market.

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Average house selling prices in the Scottish Borders

Volume of property sales and number of homes coming to market

House selling times in the Borders

Average percentage of Home Report valuation achieved

Evidence of competitive market in the Scottish Borders continues

Scottish Borders property market update event

Average property selling prices in the Scottish Borders

Over the past three months, the average property selling price in the Borders was £247,007, up 13.7% compared to the previous year.

Properties in Peebles proved to be some of the most expensive in the Borders, with an average selling price of £358,955. The popular village of West Linton wasn’t too far behind with an average property selling price of £340,590.

Kelso saw a significant year-on -year increase in average property selling price, rising by 10.1% to £167,846.

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Volume of property sales and homes coming to market

Kelso was the top location in terms of property sales volume, followed by Peebles and West Linton.

Galashiels saw the greatest number of homes coming to market in the last three months, followed by Peebles and Kelso.

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House selling times in the Borders

Over the last three months, the median time for a property to be placed under offer in the Borders was 26 days, 19 days faster than last year. This drop in selling time indicates buyers are moving quickly to secure the home they want in the Borders.

The town of Kelso had a median selling time of 26 days, which was a significant 74 days faster than last year, indicating much greater competition for homes this year compared to last year.

Properties in Peebles had a median selling time of 28 days.

Average percentage of Home Report valuation achieved

The average percentage of Home Report valuation achieved by properties sold in the Borders over the past three months was 101%, up 4.2 percentage points compared to last year.

Properties in West Linton boasted an average Home Report valuation of 103.8%, while homes in Peebles achieved 102.7% on average.

Houses and flats in Kelso experienced a significant year-on-year increase in the average percentage of Home Report valuation achieved, rising by 9.6 percentage points to 99.1%.

Evidence of competitive market in the Scottish Borders continues

Paul Hilton, CEO of ESPC, said: “We are continuing to see evidence of a competitive marketplace in the Scottish Borders, with increasing selling prices and faster selling times. There’s also been a significant jump in the proportion of houses and flats attaining the Home Report valuation.

“The Borders has been a desirable place to live for some time, but the increase in home working and desire for outdoor space over the past year has made it an even more sought-after area for many home buyers.

“If you are looking to buy or sell a home in the Scottish Borders, it is best to seek expert advice from a local solicitor estate agent on the process and latest COVID-19 guidance.”

Ron Hastings, Director of Hastings Legal, said: "The property market in the Borders has continued to see an upturn in prices and faster sales, helped in part due to a shortage of supply. Properties are selling well with buyers looking to relocate from the cities, attracted by lifestyle and comparatively lower prices. In some areas, sales that would previously take over a year have been agreed within a few weeks of going on market with buyers keen not to miss out. This upbeat trend is likely to continue throughout the year and we are expecting prices to follow an upwards trend for the foreseeable future."

Cathy Copson, Relocation Advisor at Hastings Legal, added: “After an incredible 2020, 2021 is already set to surpass this. The market is booming, prices are rising, closing dates are increasing in regularity and popular properties are getting snapped up within days of launch. More than 50% of our buyers are from outwith the area and we have our very own specialist relocation team dedicated to supporting them. With many buyers now able to work from home, this upwards trend is only set to continue."