Scottish Borders house prices up 17% in past year

House prices in the Scottish Borders have risen 17% in the past year, while East Lothian has seen a 12.5% annual increase.

Sales volumes in these areas also continues to be high, up 9.7% and 10.6% respectively.

This is according to the latest data from ESPC.

The data showed that during the August-October 2022 quarter, the average selling price of property across Edinburgh, the Lothians, Fife and the Borders rose 9.3% year-on-year to £298,771. 

The City of Edinburgh saw average property selling prices rise 9.5% annually to £316,152.

Sales volumes overall dropped by 4.3% annually during this period, while new property listings increased by 0.5%.

The median selling time of property was 15 days, and on average properties attained 107.7% of their Home Report valuations at sale, with 91% of properties selling for their Home Report valuation or higher. 

About 33% of properties went to a closing date. 

ESPC CEO Paul Hilton said: “The past three months have shown strong competition from both buyers and sellers.

“While the impact of the recent economic changes on the housing market is uncertain, we believe in a sensible approach and understanding the long-term value of home ownership as the dynamics of the housing market change once again. 

“We are seeing continued interest in property across all of our areas, with noticeable interest in suburbs and rural locations popular with young families and professionals, while Edinburgh city centre remains a desirable place to live with buyers paying significantly over Home Report value to secure their dream home.”