Scottish Borders property market update: October 2021
Scottish Borders property market data - Key Points
- It was an incredibly busy market in the Scottish Borders throughout April-September 2021, as rising numbers of buyers sought homes in more rural locations.
- The volume of property sales is up 225.2% on April-September 2020.
- The average selling price of property in the Borders is down 10.9% year-on-year, to £222,338.
- Properties are selling 69 days faster year-on-year, with a median selling time of 16 days.
- The average amount of Home Report valuation attained is 105.2%, up 6.5 percentage points on April-September 2020.
- Almost a quarter of homes (24.5%) went to a closing date during this time.
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Average house selling prices in Scottish Borders
Volume of property sales and number of homes coming to market
House selling times in Scottish Borders
Average percentage of Home Report valuation achieved
Property sales volume and selling prices rise in Scottish Borders
Average selling price decreases overall as smaller properties flood the market
The average selling price for properties across the Scottish Borders declined by 10.9% year-on-year during April-September 2021, as a higher volume of smaller, more affordable properties came onto the market.
The average property selling price was £222,338, down from £249,507 in April-September 2020.
Properties in desirable Peebles attained the highest selling price, with homes in the area selling for £250,620 on average. This was closely followed by Lauder, where the average selling price was £244,131.
Homes in Galashiels were the most affordable, with an average selling price of £111,976. This is 42.4% lower than the same time in 2020, however this is explained by there being a greater number of flats and smaller homes coming to the market during April-September 2021.
Two-bedroom flats in Galashiels were the most affordable property type in the Borders, selling for £80,679 on average.
Three-bedroom houses in Peebles achieved the highest average selling price, at £264,931.
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Properties sell quickly across the Borders, with Peebles homes the fastest-selling
Homes went under offer at speed across the Borders during April-September 2021, as buyers moved quickly to secure their chosen properties.
Borders properties had a median selling time of 16 days, 69 days faster than the median selling time in April-September 2020; however, these figures will be affected by the heavy lockdown restrictions in place during Spring 2020.
Three-bedroom houses in Peebles sold the fastest, with a median selling time of just 10 days – 78 days quicker year-on-year.
Sales volumes increase as buyers seek rural lifestyles
The volume of property sales recorded by ESPC in the Scottish Borders increased by 225.2% year-on-year during April-September 2021, as buyers sought a change in lifestyle post-pandemic. There were large increases throughout most areas of the Borders, as buyers flocked to the region to find rural homes with more open space or versatile accommodation, and existing residents sold smaller properties to seek larger, more flexible family homes.
In particular, Galashiels and Peebles saw the highest volume of property sales; although it is important to note that these figures will have been skewed by the lack of activity in the market during April-June 2020, brought about by the heavy lockdown restrictions in place at the time.
The number of homes coming onto the market was also up, with a 173.3% increase year-on-year (again, we must take into account the lockdown affecting April-June 2020 in these figures).
Home Report value drops overall, but buyers continue to pay over valuation
The average Home Report value for properties in the Borders decreased 25.1% during April-September 2021; however, this is due to a higher volume of smaller, lower-priced properties coming onto the market, rather than a reduction in the overall value of the market.
For instance, the average Home Report valuation for homes in Galashiels dropped by 54.7%, to an average value of £109,776, but this is accounted for by a larger volume of flats being listed for sale. Buyers here paid 100.5% of the HRV, at an average of £111,976.
Buyers continued to pay over the Home Report valuation for homes in the Borders. The average amount paid was 105.2% of Home Report value, up 6.5 percentage points on the same period last year.
Demand was high, as 24.5% of homes went to a closing date during this time. This is up from 12.6% in April-September 2020, and 4.9% in April-September 2019, demonstrating how strong the demand has grown for homes in the Borders.
Paul Hilton, CEO of ESPC, said: “It’s been an incredibly buoyant market in the Scottish Borders over the past six months, with higher levels of buyer demand equalling increases in the volume of property sales, the amount over Home Report valuation paid and the number of properties going to closing dates, as well as the speed at which properties are going under offer.
“With a larger number of lower-priced properties on the market over the past six months, the Borders currently presents a great opportunity for first-time buyers and those on a lower budget. Offering great proximity to both Edinburgh city centre and rural, open countryside, there’s a wide variety of options for buyers at all ages and stages of life looking to buy in the Borders.
“If you are considering buying or selling a property in the Borders, you should speak to a local solicitor estate agent to get the latest advice and guidance available.”
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Find out more about the process of buying a house in Scotland and selling a house in Scotland. You can also read advice for Scottish property buyers and sellers during the COVID-19 pandemic.
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The above statistics are based on properties sold and listed by ESPC agents in the Scottish Borders from April to September 2021, and compared to the same period last year.