Page 19 - ESPC Property Market Report - Mar-Aug 2023

Sales volumes fell across the Borders as
SCOTTISH BORDERS demand cooled

Demand for rural and countryside homes declined The average property
selling price in the
during March-August 2023, as the volume of Borders Scottish Borders was
property sales decreased 4.3% in comparison to the £219,452
same time last year.
down 6.1%
annually
Kelso was the most popular place with property
purchasers, with the highest volume of sales recorded Sales volumes
across the region – and this volume was up 5.4% year- decreased
on-year. Galashiels followed closely behind, however 4.3%,
sales volumes here declined 1.8% compared to March- while new property
August 2022. The average selling prices for these areas listings rose
were £219,788 and £161,830, respectively, hinting at very 6.3%
different buyer profiles in the Borders market.

Three-bedroom houses in Kelso were the most popular Properties took
property type to sell across the region during this 20 days
period, however sales volumes of this property type had to go under offer, five
declined 10% compared to the same period last year. days longer than
last year
Average selling price decreased 71.2% of properties for sale in the Borders sold for at Borders saw a rise in new property
across the region least their Home Report valuation, down from 88%
of properties in March-August 2022. listings recorded
The average selling price of property in the Scottish
The volume of new properties coming to the market Buyers in the
Borders was £219,452 during March-August 2023 –
Homes took longer to sell across the in the Borders increased 6.3% annually during March- Borders paid
this is 6.1% lower than the same time last year.
region, but some areas saw a brisker August 2023, hinting at a changing pattern of buyers 102%
relocating out of the area when contrasted with the
Melrose was the region’s most expensive area to pace of Home Report
property sales figures. valuation, on
purchase a home, with an average property selling
Homes for sale in the Borders went under offer in a average
price of £347,133. By contrast, Hawick was the most
median time of 20 days during March-August 2023, Kelso and Galashiels experienced the highest level of
affordable place, as properties here sold for an
which is five days slower than the same time last year. properties listed for sale, up a significant 34.5% in Kelso,
average of £138,533.
and down 4.1% in Galashiels. 12.8%
Some areas saw properties disappear off the market
Borders buyers paid less over Home at a much faster rate, however; homes in sought- of properties for sale in
the Borders went to a
Report valuation compared to 2022 after Melrose went under offer in a median time of closing date

Overall, buyers in the Borders chose to bid less over only seven days, while two-bedroom flats in Kelso
the Home Report valuation for properties than they were the fastest-selling property type overall, going
did last year; on average, properties in the region under offer in 11 days.
achieved 102% of their Home Report valuation, 5.8
percentage points less than the same time last year. Much like the rest of the wider Scottish market,
fewer homes in the Borders went to closing dates
By contrast and aligning with the property selling during March-August 2023: 12.8%, down from 22.9%
price for the area, properties in Melrose attained in 2022. By contrast, 30% of properties for sale in
109.9% of their Home Report valuation – the highest Melrose went to a closing date, clearly highlighting
level paid across the Borders. the demand for homes in this locale.

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