A limited number of properties being out up for sale in the Scottish Borders means that the residential property market is currently good for sellers, the latest agents report suggests.
For the final quarter of 2018, independent property consultancy Galbraith’s offices in Kelso and Galashiels reported an increase in the number of properties sold, up 25% and 14% respectively, in spite of a reduction in the number of viewings arranged.
‘Sales have been encouraging over the last quarter with almost all types of property on our books selling well. Potential buyers have generally tended to be serious, with a reduction in viewings resulting in an increase in sales over the three-month period,’ said Alex Inglis, head of sales and lettings in the Scottish Borders.
‘Most types of property are selling faster than previously and we are seeing a higher proportion of sales going to a closing date. Part of the reason for these relatively quick sales is that there has been a limited supply of new houses coming on to the market,’ he explained.
He also pointed out that the number of applicants looking for a property in the Scottish Borders and registering with Galbraith has increased by 13% over the las 12 months.
‘Whilst prices in the Borders remain generally steady, I would not be surprised to see a slight upward trend if the supply of new houses coming on to the market remains limited,’ said Inglis.
The most sought after houses in recent months have been traditional farm cottages, particularly those with little or no work required and particularly if they have some additional land.
Attractive rural, or semi-rural, locations and fine outlooks are also attracting buyers. ‘Whilst buyers in the past were generally happy to take on properties needing renovation, more recently we have found that the market appears to prefer the finished article,’ Inglis said.
‘Most of our buyers in recent months have already been based in the Borders, with many renting in the area while they find somewhere to buy. However, we are also seeing a healthy number of buyers from other parts of the UK,’ he added.
