What's been happening in the Scottish Borders property market?

Property Market Data - Key Points

• During September 2021-February 2022, the average selling price of property in the Borders was £218,455.
• Buyers paid 106.5% of Home Report valuation on average for Borders properties.
• The median selling time reduced to 18 days, down from 30 days in 2020/21.
• 28.2% of Borders homes for sale went to a closing date during September-February.

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Borders prices still present affordable options for buyers of all budgets

The average selling price of property in the Scottish Borders was £218,455 during September 2021-February 2022.

Galashiels was the most affordable area to buy a home in the Borders; the average selling price of property here was £120,315 during September-February. The most affordable property type in the Borders could also be found in Galashiels, with two-bedroom flats selling for an average of £82,194. This makes Galashiels an excellent option for 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.

By contrast, Duns was the most expensive location for Borders property during this period, with an average selling price of £338,545.

Kelso and Peebles were the most popular places for buyers

The post-pandemic trend for buyers to relocate to a more rural setting shows no signs of slowing down, as the latest property market figures from the Borders show.

During September-February, sales volumes for property in the Borders shows that buyers were particularly keen on the areas of Kelso, Galashiels, Peebles and Hawick, which all offer a rural community feel balanced with excellent local amenities and strong transport links.

Three-bedroom houses in Kelso were the most popular property type for Borders buyers, selling for £197,752 on average.

Three-bedroom houses in Peebles were also a popular choice, selling for an average of £271,777.

Buyers pay more over the Home Report valuation

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 106.5% of the Home Report valuation on average, which is 6.1 percentage points higher year-on-year.

Buyers paid the most over the Home Report valuation for properties in Eyemouth, at 110.6% - this is a rise of 12.5 percentage points compared to the same time the previous year.

Selling times reduce and closing dates became more prevalent

The demand for homes in the Borders has stayed strong over the past six months, as the median selling times for properties reduced dramatically, and the number of closing dates set rose for the second year in a row.

During September 2021-February 2022, properties sold in 18 days, which is 12 days faster than the same time last year.

Two-bedroom houses in Kelso sold the fastest, going under offer in a median time of just eight days – 18 days quicker year-on-year.

28.2% of properties for sale in the Borders went to a closing date during September-February – this is up from 15.2% of properties last year, and 5.1% two years ago, showing how strong buyer demand has grown for homes in this region.

Closing dates were most prevalent in West Linton, where 40% of homes for sale went to a closing date, an increase of 18.9% year-on-year. This was followed by Galashiels, where 38% of listed properties went to a closing date, a rise of 22.7%.

Paul Hilton, CEO of ESPC, commented: “It’s been a busy six months for the Borders’ property market, with strong activity when it comes to property sales and properties coming onto the market, presenting the rare occurrence of an ideal environment for both buyers and sellers.

“The Borders offers a more affordable option for buyers to find a home, whether they’re first-time buyers looking for a flat, or family buyers searching for a longer-term property to settle down in. Galashiels was the most affordable area across the region in the past six months, with plenty of options for buyers of all budgets to explore.

“Competition remains high across the region, as homes sold quicker across the past six months, closing dates became more common and buyers paid more over the Home Report valuation, which we expect to see continue into the spring and summer months. However, the Borders is still a very healthy market for both buyers and sellers, and its popularity post-pandemic appears to be remaining consistent as we move further into 2022.

“If you are thinking of buying or selling a home in the Borders, get in touch with your local ESPC agent today.”

Watch our recent virtual event

ESPC recently hosted a Borders Property Market Update webinar, with ESPC’s own experts and insight from Ron Hastings, founder of Borders-based Hastings Legal.

To watch the recorded event online for free, and hear the latest insights and answers to viewers’ questions, visit ESPC’s YouTube channel.

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