The number of residential properties sold in Edinburgh, the Lothians, Fife and the Borders during the first three months of 2021 increased by 55.7% compared to the previous year, new figures show.

In Edinburgh, the sales volume was up by 72.6% compared to the previous year, as buyers rushed to complete deals before the LBTT holiday came to an end on 31 March, according to ESPC.

From January to March 2021, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £259,013, up 7.5% year-on-year.

House price growth was led by East Fife where prices increased by 14.8% compared to the previous year, while properties in the Borders experienced a 13.9% hike in average selling price.

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 by 11.7% year-on-year.

Paul Hilton, chief executive of ESPC, 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.

“As ever, those looking to buy or sell a property in the near future should consult a solicitor estate agent in the first instance, as they can provide advice on the process and also the latest COVID-19 guidance on moving home.”