A 'HIGH demand' for property in the Borders has seen an increase in prices over the last year, according to market experts.

Galbraith, a property consultancy which operates around Scotland – with offices in Galashiels and Kelso – says that as part of its review of the residential property market for 2021, the Borders saw a "strong demand" for rural property.

This demand saw offers made in excess of the asking price.

The highest premium paid above the asking price was 41 per cent, and the average for the region was four per cent over the guide price, according to Galbraith's report.

Mark Paton, head of the Galbraith residential team in the Scottish Borders said: “The market has remained buoyant throughout 2021 with houses often selling in the region of 15 to 20 per cent over the asking price with multiple offers received at a closing date.

"Houses with land are particularly sought after and the demand has included all parts of the region, not just areas in close proximity to the main towns."

The report also shows that the fastest sale with Galbraith in the Borders this year was agreed in three days.

According to the report, property sales in the Borders through Galbraith were in excess of £25 million.

Mr Paton added: “We expect that the supply of property coming to the market will remain low for the rest of this month and then pick up again in January, as families often reassess their priorities over the festive period.

"In a typical year we see a spike in activity on our web site and social media over the Christmas fortnight which leads to a refresh of the market in the early Spring.

“Next year we expect a continuation of many people working from home, which will sustain demand for rural property throughout the Scottish Borders.

"Interest rates are set to rise as the Bank of England has just increased the base rate, which may cool the market slightly in 2022. However, overall factors remain positive.”