LEADING Scottish property marketing portal Edinburgh Solicitors Property Centre has announced that their new Property Market report will be released twice a year in March and September.

The in depth report examines the property markets over the previous six months in a number of regions including the Scottish Borders.

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The September report reveals that the average selling price of property in the Scottish Borders was £219,452 during March-August 2023 which is 6.1% lower than the same time last year.

Melrose was the region’s most expensive area to purchase a home, with an average property selling price of £347,133.

By contrast, Hawick was the most affordable place, as properties here sold for an average of £138,533.

Borders buyers paid less over Home Report valuation compared to 2022 Overall, buyers in the Borders chose to bid less over the Home Report valuation for properties than they did last year; on average, properties in the region achieved 102% of their Home Report valuation, 5.8 percentage points less than the same time last year.

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By contrast and aligning with the property selling price for the area, properties in Melrose attained 109.9% of their Home Report valuation – the highest level paid across the Borders. 71.2% of properties for sale in the Borders sold for at least their Home Report valuation, down from 88% of properties in March-August 2022.

Homes took longer to sell across the region, but some areas saw a brisker pace Homes for sale in the Borders went under offer in a median time of 20 days during March-August 2023, which is five days slower than the same time last year.

Some areas saw properties disappear off the market at a much faster rate, however; homes in sought after Melrose went under offer in a median time of only seven days, while two-bedroom flats in Kelso were the fastest-selling property type overall, going under offer in 11 days.

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Much like the rest of the wider Scottish market, fewer homes in the Borders went to closing dates during March-August 2023: 12.8%, down from 22.9% in 2022.

By contrast, 30% of properties for sale in Melrose went to a closing date, clearly highlighting the demand for homes in this locale.

Sales volumes fell across the Borders as demand cooled Demand for rural and countryside homes declined during March-August 2023, as the volume of Borders property sales decreased 4.3% in comparison to the same time last year.

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Kelso was the most popular place with property purchasers, with the highest volume of sales recorded across the region – and this volume was up 5.4% year-on-year.

Galashiels followed closely behind, however sales volumes here declined 1.8% compared to March August 2022.

The average selling prices for these areas were £219,788 and £161,830, respectively, hinting at very different buyer profiles in the Borders market.

Three-bedroom houses in Kelso were the most popular property type to sell across the region during this period, however sales volumes of this property type had declined 10% compared to the same period last year.

Borders saw a rise in new property listings recorded, the volume of new properties coming to the market in the Borders increased 6.3% annually during March-August 2023, hinting at a changing pattern of buyers relocating out of the area when contrasted with the property sales figures.

Kelso and Galashiels experienced the highest level of properties listed for sale, up a significant 34.5% in Kelso, and down 4.1% in Galashiels.