Scottish Borders Housing Market: Rebuilding After Lockdown | Autumn/Winter 2020 Briefing
Scottish Borders Housing Sales Market Review | Autumn/Winter 2020
"The rise of home working has led many families to now seriously consider moving further from town to gain the outdoors lifestyle and greater living space that previously seemed out of reach. With its hills and woodlands, and accessibility via road and rail, the lure of the Scottish Borders has never been stronger for many buyers.”
Simon Rettie, Managing Director, Rettie & Co.
- The Scottish Borders market has seen supply increase by over 25% since from July to September 2020 compared to the same period in 2019
- The highest increase in supply has been in and around Peebles and along the A68 corridor
- So far in 2020, the total number of properties sold to September in the Scottish Borders remains -20% down on 2019
- There have been few price reductions since lockdown ended with desirable family homes achieving premiums over Home Report
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A Lure of Lifestyle Living
With lifestyle now a major motivating factor for many buyers, the Scottish Borders, with its outdoors life and attractive market towns, has become a more accessible reality for many families. Since lockdown restrictions were lifted, the number of properties available in the local market has been over a quarter more than during the Summer of 2019. The greatest increase in activity has been seen in and around Peebles and along the A68 corridor. Both these areas are highly accessible to Edinburgh while providing idyllic rural living. Across the whole region in 2020 to date, the total value of property sold remains around -20% down on last year.
Strong demand for the right properties has meant that, according to Rightmove figures for all agents, there have been low levels of price reductions within the market. So far in 2020, when sales have been achieved above the Home Report valuation, Rettie & Co. have averaged over £26k over Home Report. This low level of discounting and premium we have been achieving reflects the demand currently in in the market for high quality family housing in the Scottish Borders.
Looking ahead, the shift to greater home working and the prioritisation of space and lifestyle, combined with the accessibility of the Scottish Borders, will likely see demand remain strong, particularly for family properties in popular and connected market towns.
If you are looking to sell your property in the Scottish Borders, please don't hesitate to contact our Melrose Office.
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