Is the property market slowing in the Scottish Borders and are buyers becoming more cautious are the questions Chloe Riva, Valuer in our Berwick upon Tweed office, looks at in light of the latest release of property statistics.
The average selling price of property across Edinburgh, the Lothians, Fife and the Borders has held steady in comparison to the same time last year. A marginal increase of 0.4% took the average to £287,820, showing that the property market overall has retained composure during a year of turbulence in the economic climate.
80.5% of properties for sale in May-July 2023 sold for at least their Home Report valuation, however, this figure is down from 93.2% at the same time last year. Homes achieved on average 103.8% of their Home Report valuation during this period. This is 4.8 percentage points less than the same time last year.
We are also seeing a change in how properties are being advertised where properties are being listed as ‘Fixed Price’ rather than ‘Offers Over’. The report highlighted a 62% increase in the volume of properties listed for a fixed price during May-July 2023 compared to the year before.
Demand remains relatively high, if we exclude the anomalies experienced in the market during the pandemic then buyer demand is 3% higher than in 2019 (according to Rightmove). However, I believe that buyers are and will continue to behave more cautiously and are considering their offers more carefully than before given the current and evolving economic situation.
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