The new Borders railway has yet to have an impact on the housing market in the surrounding area, according to figures published today by Registers of Scotland (RoS).
In the last three years, the volume of residential sales within five miles of the new stops has risen by 50.2 per cent in Midlothian, and 26.3 per cent in the Scottish Borders.
By comparison, the figures for the whole local authority areas of Midlothian and the Scottish Borders rose by 60.6 per cent and 30.1 per cent respectively, and by 28.2 per cent in Scotland as a whole.
Average house prices have also remained largely unaffected. Since the railway was announced in 2006, prices in the Midlothian catchment area have grown 6.1 per cent to £166,639, while houses within five miles of the new Scottish Borders stations have seen average prices increase by 4.5 per cent to £143,283.
Across the local authority areas as a whole, average house prices in Midlothian have risen by 13.4 per cent, and by 9.5 per cent in the Scottish Borders. Across Scotland, there has been a 16.1 per cent rise in average house prices in the same period.
RoS' head of data, Rhona Mackay, said: "We have seen an increase in the volume of sales around the new Borders railway stations, but this is slightly lower than the volumes seen in the local authority areas as a whole. Prices are also up, but again this is lower in the five mile catchment areas than the wider local authority areas where the increase is more substantial.
"It is widely expected that the new line will stimulate interest in the property market in the areas close to the stations, and there have already been a number of new-build developments within the railway catchment areas in recent years, so it will be interesting to revisit these statistics again once the new link is up and running."With services starting on Sunday, the new railway line will re-establish a passenger railway service from Edinburgh to Tweedbank for the first time since 1969. The seven new stops include Newtongrange and Gorebridge in Midlothian, and Stow and Galashiels in the Scottish Borders.
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Notes to editors
- Registers of Scotland is a non-ministerial department of the Scottish administration and holds trading fund status. It is responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. RoS records and safeguards the rights of the individual while providing open access to information on the registers.
- These figures cover all residential sales, including sales for cash not involving a mortgage. Approximately 25 per cent of sales fall into this category.
- This data was compiled using any postcode in a locality within five miles of one of the stations, but excluding postcodes inside Edinburgh, Penicuik and Musselburgh.
- The full report is available on our website.
- Scottish Parliament passed the Waverley Railways (Scotland) Act in June 2006.
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