Property price shoots up in Borders town

Figures released by property firm ESPC show that Kelso was the top selling area of 2020 out of Edinburgh, the Lothians, Fife and the Borders.

The market town on the River Tweed saw the greatest year-on-year increase in average property selling price, which was up 45.2% compared to 2019, rising to £214,232.

Kelso also saw the greatest year-on-year increase in the number of property sales, which rose by 15.9% in 2020 compared to the previous year.

In terms of year-on-year increase, properties in Kelso saw the average percentage of Home Report valuation achieved rise by 4.8 percentage points compared to 2019.

David Lauder, independent mortgage adviser with ESPC Mortgages, said: “For most clients, it remained very much a seller’s market for much of 2020. This is due to a lack of stock being available and plenty of willing buyers after lockdown, meaning competition has been strong.

“This resulted in property selling prices regularly achieving well over the Home Report valuation, particularly in the summer months. However, at the end of 2020, we did see signs of the market levelling off, with properties selling at or around the Home Report valuation and indications currently point to that continuing into early 2021.

“As 2021 progresses, it is possible that people will see properties begin to move quickly again, which will increase seller confidence, helping to balance out the market.

“The vaccine may also bring some more normality and stability to the property market, which has performed relatively well in the face of COVID-19 so far.”

The top location by average selling price in 2020 was Merchiston in Edinburgh, with an average selling price of £565,933, up 40.5% compared to 2019 according to the latest data from ESPC.

Dunfermline in Fife boasted the highest volume of property sales of any ESPC district in 2020. However, sales in the area were down 18.3% year-on-year.

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