Page 18 - ESPC Property Market Report - Mar-Aug 2023

Buyers secured bargains in the Three-bedroom houses in Kelso were the quickest-
SCOTTISH BORDERS Borders, paying close to the selling properties, on the market for a median time of

valuation price only 13 days.

Buyers in the Borders paid the closest to valuation for 12.3% of Borders homes went to a closing date, down
properties during September-February, with an average from 15.5% last year and 27.6% the previous year,
successful bid of 100.3% of the Home Report valuation. highlighting the change in pace that the local market
This is 4 percentage points less than the average bid has experienced. Properties in Selkirk were under the
the previous year, showing how much the market most demand, with 21% of homes for sale in the area
has shifted in favour of buyers, and how much sellers’ going to a closing date.
expectations have altered in the current climate.

Buyers paid the highest premium for homes in
Kelso, with properties achieving 101.9% of the Home The average selling
Report valuation on average. At the other end of price of property in the
the spectrum, Hawick homes presented the biggest Borders was
bargain, with buyers securing homes for 95.9% of the £208,987
valuation on average.
Average selling prices drop as However, by contrast, sales volumes rose by 12.3% during September-
February
Borders homes remain among the annually, indicating a strong level of interest from 64.6% of homes for sale in the Borders sold for at
buyers searching for their ideal home in the Borders,
most affordable least their Home Report valuation, down from 75.7%
and potentially hotter competition than across many Sales
the previous year.
The average selling price of properties in the Borders of the other regions in this report. volumes rose
declined 9.4% year-on-year during the six months of 12.3%,
September 2023-February 2024, meaning the new Kelso produced the highest number of homes coming Properties took longer to sell but Borders annually
average price was £208,987. However, a closer look at onto the market, followed by Peebles, Galashiels, Kelso proved popular again homes took
our data reveals that this is more likely due to a shift in Selkirk and Hawick, but there was huge variation Properties in the Borders had a median selling time 32 days
the price brackets of properties selling, with a higher to go under offer,
in the volume of listings in each area year-on-year. of 32 days during September-February, 12 days slower
volume of lower-priced homes being sold compared 12 days slower than
Kelso, Galashiels and Hawick all reported declines than the same time the previous year.
to recent years, which affects the overall average the same time
in the volume of listings, down 8.2%, 6.1% and 7.4% last year
price. This also aligns with a 50% leap in the levels
respectively. Peebles reported a 2% rise in new listings, Homes in Kelso and Selkirk were the fastest to go
of flats purchased in the Borders region, which again Buyers paid
while Selkirk saw a staggering 121.4% rise in the under offer, with buyers taking just 14 days to snap up
brings the overall average price down when compared 100.3%
volume of properties coming onto the market. homes in these areas.
to larger and more expensive properties selling in
of the Home Report
higher numbers in years past. valuation to secure
The same five areas were, unsurprisingly, the areas
a home
which recorded the highest sales volumes, however
The most affordable location in the Borders was The volume
the order differentiated. Galashiels secured the most
Jedburgh, where homes sold for an average of £129,339. of new property
property sales, with volumes rising 28.3% year-
The most affordable property type was one-bedroom listings rose
on-year, followed by Kelso (where levels rose 5.8). slightly by
flats in Galashiels, which cost £62,045 on average.
Third-most popular, Hawick saw its sales rising by a 0.8%
Sales and insertions rise with high significant 50%, while Peebles experienced a 27.5%
drop in sales. Selkirk’s sales rose 4.3%.
interest in Kelso, Galashiels and
Hawick Three-bedroom houses in Kelso were the most

The volume of new properties coming onto the popular property purchase, selling in the highest
market remained much the same when compared to volumes and indicating high demand from family
the previous year, with levels rising a marginal 0.8%. buyers in the town.

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