The volume of home sales in Edinburgh in the first three months of 2021 was up 72.6% compared to the previous year, according to the latest House Price Report from the ESPC.

For all of Edinburgh, the Lothians, Fife and the Borders, the rise in property sales volume was 55.7%, with the median selling time at 26 days, one day faster than last year.

“This reflects how busy the market was in the second half of 2020,” said ESPC.

“The LBTT holiday (Land and Buildings Transaction Tax) coming to an end on 31st March may also have had an impact, as buyers and solicitors looked to complete purchases before that date to take advantage of the saving.”

In Edinburgh, the average property selling price over the past three months was £274,972, up 5.5% compared to the previous year.

Edinburgh South experienced the greatest growth in selling price in the city, rising 11.7% year-on-year.

Two bedroom flats in Newington, Grange and Blackford experienced a 17% rise in average selling price compared to last year.

However, three bedroom houses in Blackhall, Davidsons Mains and Silverknowes saw their average selling price drop by 13% compared to the previous year.

This is due to a greater proportion of lower value homes coming to market this year, ESPC said.

From January to March 2021, the average property selling price for all of Edinburgh, the Lothians, Fife and the Borders was £259,013, up 7.5% compared to the previous year.

Homes in East Fife saw prices rise by 14.8% compared to the previous year, while properties in the Borders experienced a 13.9% increase in average selling price.

Houses and flats in West Fife and Kinross saw prices rise by 7.2% compared the previous year, and the average selling price in Dunfermline was up 12%.

In East Lothian and Midlothian, the average property selling price was up 6.3% and 11% respectively.

However, homes in West Lothian experienced an 8.6% decrease in price year-on-year.

This is due to a greater proportion of lower value homes coming to market this year, ESPC said.

ESPC CEO Paul Hilton said: “The first three months of 2021 has seen a real spike in property sales compared to the previous year.

“This is to be expected given how busy the market was at the end of 2020, but the LBTT holiday coming to an end in March may also have contributed to increased sales.

“We are starting to see evidence of more homes coming to market, after declines in January and February.

“This could be due to increasing confidence from sellers as lockdown restrictions ease and pupils return to school.

“Lower supply of homes has restricted the market in recent months, so an increase in listings may come as good news to buyers.

“However, with the reopening of the First Home Fund and launch of the 95% mortgage guarantee scheme, it is likely buyer demand will remain very strong in the upcoming months, resulting in the market remaining reasonably competitive.”