Sales have increased by 38% for the quarter ending 30 June 2021, compared with the pre-pandemic level. This is more than double the national increase in sales of 14.%, for property sold by Galbraith across Scotland as a whole.
The average time taken to sell in the Scottish Borders has also reduced by 50.8% , from 175 days on average a year ago to 86 days on average this quarter. Market appraisals conducted by the firm increased by 9.2% year on year.
The number of viewings conducted by the firm in the region fell by 16.9% compared with before the national lockdown, as buyers adapted to the ease of video viewings and virtual tours.
Alexander Inglis, head of residential agency for Galbraith in the Scottish Borders said:
It’s very much a seller’s market currently in the Scottish Borders. The supply of property being brought to market is quite restricted, so almost everything that is for sale generates a high level of interest and often there will be a closing date for submission of offers.
We have sold many properties at prices that exceeded our expectations over the past few months due to the very strong demand, particularly unusual houses and period cottages. Average time to sell has reduced significantly compared to the norm.
An unfortunate consequence of the strong selling market is that many potential buyers are struggling to find a new home to buy and are therefore delaying their own sales. This is something of a Catch-22 situation as it further restricts the supply of properties to the market. However, this should make it even more tempting for sellers to market a property now if they don’t immediately need to buy somewhere else.
Our most notable sales over the past quarter in the Scottish Borders included a fine traditional country house that sold for 20 per cent over the asking price within a week of going on to the market and a modern rural family home that sold for 19 per cent over the asking price at a closing date, which attracted eight good offers.
Galbraith handles the sale of properties valued at £55.4 million on average per quarter across its network of 13 offices in Scotland and the north of England.
Currently on the market through Galbraith in the Scottish Borders are properties including:
Berryhill, Grantshouse, Duns. Offers Over £650,000
Eco-friendly smallholding and successful holiday let business in a superb location surrounded by peaceful countryside but only about a mile from the A1. Berryhill House is an attractive and well-appointed three-bedroom house. In addition, there is Berryhill Cottage (a successful holiday let) and off-grid self-catering accommodation with five caravan hook-ups and planning permission for three two-bedroom lodges. Berryhill House has lovely gardens, two paddocks and mature woodland. Solar PV panels and a solar thermal system enable the property to be 57% self-powered. About 3.98 acres of land.
The Rectory, Galashiels, Guide Price £310,000.
A semi-detached period property situated in a popular and peaceful cul-de-sac close to the southern edge of Galashiels. The Rectory was built in approximately 1880 as the manse for the nearby St Peter’s Episcopal Church. The property benefits from many original Victorian features including high ceilings and an impressive staircase.