Borders home prices up 16% as market bounces back

Edinburgh area residential property experts ESPC said on Friday that homes in the Scottish Borders and East Lothian experienced the greatest year-on-year increases in average selling price in the July-September quarter of this year.

Prices rose 16.2% in the Borders and 15.4% in East Lothian.

In its first House Price Report since March, ESPC said sales in Edinburgh, the Lothians, Fife and the Borders were down 32.3% over the past three months “but this is likely because of the sales and mortgage process taking longer than usual due to high volumes.”

The average selling price in Edinburgh, the Lothians, Fife and the Borders was £266,149, up 5.2% on the same period last year.

The number of homes coming to market in these areas during the last three months was up 48.2%.

Paul Hilton, CEO of ESPC, said: “It’s been three months since restrictions were relaxed on the Scottish property market, and it’s fair to say activity has surged during that time.

“There has been a significant uplift in the number of homes coming to market while ESPC agents have reported being exceptionally busy with enquiries from buyers and sellers.

“Properties are selling well, with the average selling price up compared to last year and the first quarter of 2020.

“The increases in average selling price are particularly notable in the Scottish Borders and East Lothian.

“The sales volume over the last quarter is down compared to last year.

“However, that appears to be to do with the sales and mortgage process taking longer than usual due to high volumes, as we are seeing an increase in the number of homes placed under offer year-on-year.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.