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Summer Property Activity

29 August 2017

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The latest House Price Index from Registers of Scotland reveals the average price of a property in Scotland in June was £144,253 – up 2.9% year-on-year but with only marginal (0.1%) change from the previous month. Looking at the annual price change by local authority areas, Scottish Borders regional fares well, with an 8.3% increase, from £140,838 up to £152,467. Sales volumes in the Borders are more markedly up – 18% year-on-year from April 2017.

Commenting on the summer market on behalf of BSPC member firm, Hastings Legal, Ron Hastings says: “Record sales during July and August have made it a good summer for property activity in the Borders. Low interest rates and a shortage of mid-priced two-three bedroomed properties has resulted in a lack of stock, for first time buyers and upsizing flat owners, in this sector, which has put some pressure on prices and new properties are being snapped up quickly- in some cases within days. We are also seeing a continuing flow of buyers returning to live in the Borders or relocating from south of the border. Increased awareness of the benefits of the Borders as a place to live, work or retire - combined with the economic benefits of releasing funds on a move - has attracted many to the region. The sector benefitting the most from this inflow has been higher value premier properties, as the advantages of a move outweigh the deterrent effect of higher rates of LBTT.”

Sally Pringle, property negotiator at Cullen Kilshaw’s Kelso branch, is similarly upbeat. “While we have been busy over the summer, activity has markedly picked up in the last couple of weeks following the end of the holiday period. There is a particular demand in this area of the Borders at present for bungalows, evidenced by clients selling a bungalow in Ednam, which went on the market on a Friday and had an offer accepted just four days later the following Tuesday.”

Given the number of ‘under offer’ flashes on property details throughout the following pages, for anyone thinking of selling their home, it has to b BSPC!

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