Page 19 - Property market report-Mar-Aug24

Borders
Scottish Borders properties went
under offer in a
11.7% median time of
Buyers in the of properties for sale 27 days
Borders paid in the Borders set a Sales volumes
closing date in the Borders saw a
100.1% of
the Home Report 4.3% uplift, while
valuation on property insertions
average. rocketed by 20.5%
year-on-year

The average
selling price was
£223,877,
an increase of
1.5% annually

The average selling price rose across to all ESPC regions, with successful bids averaging Sales and listings both experienced a property type, with homes here selling in the highest
100.1% of the valuation figure. This is 2 percentage volumes (very closely followed by three-bedroom
the Borders, offering stability for boost.
points down on the same time last year, indicating houses in Kelso).
buyers and sellers. lower pressure on buyers to offer a premium to secure The volume of new properties coming onto the

The average selling price of property in the Scottish a property in this region – which coincides with a market in the Borders during March-August 2024 Properties sold in around four weeks;
Borders experienced a 1.5% increase annually during significant uplift in the volume of properties coming increased significantly year-on-year, with levels a week slower than last year.
March-August 2024, taking the new average to onto the market. rising 20.5% on March-August 2023. Such a surge
of properties becoming available is great news for Homes in the Borders had a median selling time of
£223,877.
This is of course excellent news for buyers, who have buyers in the region and shows high confidence from 27 days during March-August 2024, which is seven
Across the region, prices largely remained steady, less onus on them to pay wildly over value, meaning sellers too. The abundance of homes available to buy days slower than the same time last year, but still
indicating a good level of stability for buyers and that they can spend more of their savings on the of course does impact average selling prices and the overall a healthy time frame which should keep
sellers thinking of taking the plunge. In Lauder, prices mortgage deposit, thus improving affordability. It’s premiums paid for properties overall, as well as the buyers and sellers alike happy with the pace of the
declined 1.5%, but in Eyemouth, homes saw a rise of also good news for sellers who have an onward speed of sale; with more properties on the market, market. Selling times are of course impacted by the
the same figure. purchase to make, meaning they too can feel the buyers are under less pressure to act quickly and bid volume of properties on the market, as buyers take
benefits of buying their next home closer to its highly, with enough homes to sate demand. more time to consider the increased number of
The most expensive location in the Borders to buy valuation price. options available to them.
There was also a healthy boost of 4.5% year-on-
a property was Lauder, where the average property
sold for £390,967. By contrast, the most affordable 63.6% of Borders homes sold for at least their Home year in terms of sales volumes, showing that the Three-bedroom houses in Galashiels were in
location was Galashiels, where homes sold for Report valuation price between March-August 2024, market is moving well across the Borders and there especially high demand, flying off the market the
£148,284 on average. down from 71.3% in 2023 and 88% in 2022; this is are still plenty of buyers keen to own a home in this fastest in just eight days (24 days faster than the same
a marked change over the course of two years but picturesque region. time last year).
Buyers paid close to the Home demonstrates the fluctuating nature of the market in
the region. Galashiels boasted the highest volume of sales, 11.7% of homes for sale in the Borders set a closing
Report valuation for homes in the followed by Peebles, Kelso, Hawick and Selkirk. date during this time, which is very similar to the
Borders. Buyers paid the highest premium for properties in Unsurprisingly, Galashiels was also the location with rates seen in March-August 2023 (when 12.2% set a

Buyers in the Scottish Borders paid the closest to Eyemouth; here, homes attained 104.9% of their the highest number of property insertions, with levels closing date), but almost half of what was seen in 2022
Home Report valuation for properties in comparison Home Report valuation on average. up 11.3% on the same time last year. Three-bedroom (22.9%), again highlighting how much the market can
houses in Peebles were the most sought-after move and shift in just two short years.

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