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Market comment on Brexit effect on Borders Property Market following EU Referendum

16th August 2016

Reports on the property market can often give mixed and/or conflicting messages, making it difficult to know what to believe. Often the information reported relates to market conditions that bear little relevance to what is happening in the Borders. But while it would be feasible to expect the economic and political uncertainty of late to have had a negative effect on the housing market, quite the opposite has been the case and Hastings & Co is one BSPC member firm that seen steady growth throughout 2016 resulting in the firm achieving prices and sales within timescales rarely seen out-with city hotspots. Ron Hastings comments: “The Hastings’ property team has achieved tremendous results right across the Borders - and in all price ranges, with both the number of houses sold and values achieved double in July compared to last year – an all-time high. While a one-off result is not that uncommon, both June and July have been hot for property (if not weather) and August is on track to be another bumper month. With enquiries up and no sign of a let up, it looks like we are going to be in for a busy few months as we enter the autumn, traditionally a peak time for marketing.”

At Cullen Kilshaw, property manager Sally Pringle concurs the market in general has not been affected by Brexit. “The week of the vote was quiet,” she says, “but since then it has picked up and we have seen more viewings and some good sales recently. The prevailing opinion seems to be that as no-one knows what is going to happen in the future, the best course of action is just to get on with life, which is what people are doing.”

Janet Martin, property manager at JD Clark & Allan, has had a particularly busy summer with increased sales and numbers of viewings. “One property recently sold within a day and achieved £10,000 over the asking price,” she says. “While that one was perhaps the exception rather than the rule, ex-local authority houses in Duns are a dependably consistent good seller. All in all, it’s been a good summer for activity and sales.”

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