Borders house prices droop

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Borders house prices fell an average 5.5 per cent last year

Figures from LSL Property Services on house prices in Scotland show that the average house price in the Scottish Borders Council region dropped from an average of £156,909 in December 2011, to £148,291 in December 2012.

In spite of the £8,500-plus drop, the Scottish Borders is still the ninth most expensive region to buy a house in Scotland.

Ettrick, Roxburgh and Berwickshire MSP John Lamont said: “This report will make worrying reading for the many home owners in the Borders.

“More and more households face the risk of becoming trapped in negative equity as the value of their house becomes less than the remaining balance of their mortgage.

“The situation is also tough for first-time buyers, as despite the drop the Scottish Borders is still the ninth highest priced region in Scotland. This is hugely restricting for those trying to make their first step on to the housing ladder, and many will simply be priced out of moving to our area.”

Mr Lamont added: “More needs to be done to not only improve lending to first time buyers, but also to alleviate the pressure on those who have seen sharp drops in the value of their home.”