The Scottish Borders property market is currently good for sellers, at least in part due to the limited numbers of new properties coming on to the market.
That’s according to independent property consultancy, Galbraith.
For the final quarter of 2018, Galbraith’s offices in Kelso and Galashiels reported an increase in the number of properties sold (25% and 14% respectively), in spite of a reduction in the number of viewings arranged.
Alex Inglis, head of sales and lettings in the Scottish Borders, said: ‘Sales have been encouraging over the past 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. 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.
‘The number of applicants looking for a property in the Scottish Borders and registering with Galbraith has increased by 13% over the past twelve months.’
Alex continued: ‘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. However, we will need to wait and see.
‘Our most sought-after houses in recent months have been traditional farm cottages, particularly those with little or no work required. Even better if they have some additional land. Most are in attractive rural, or semi-rural, locations and enjoy fine outlooks.
‘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.
‘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.’
Galbraith enjoyed revenue growth of 8% during 2018 and profits rose by £84,000 to £2.3m. On average the firm handles £54 million worth of property sales per quarter for Scotland as a whole.
For the quarter ending 31 December 2018, sales across Scotland as a whole increased by 15% compared with the same quarter in 2018.