An agent which started the year with 204 properties listed had sold all but one of them by the end of March.

The firm, Warners Solicitors and Estate Agents in Edinburgh, said buyers had gone on a “frenzy”.

Its sales for the first quarter of this year were 40% up on the same period a year ago.

The stampede occurred in the run-up to changes in Stamp Duty Land Tax in Scotland, with buyers trying to beat price hikes kicking in on April 1 affecting purchases costing over £325,000. By the end of March, Warners had exchanged on 203 homes.

Scott Brown, estate agency partner at Warners, said the changes played a part, but said there were other factors, including a delayed response to the result of last year’s referendum.

In December, Chancellor George Osborne cut Stamp Duty across the UK at price levels up to £925,000.

But under devolved powers, Scotland introduced its own property tax last month, making it more expensive for purchasers of properties costing over £325,000.

In Scotland, the rate is 5% for properties costing £250,000 to £325,000. This compares with a more generous 5% levy in the rest of the UK, extending on properties from £250,000.01 to £925,000.

Buyers in Scotland now pay 10% on properties costing between £325,000.01 to £750,000, and then 12% on properties over £750,000.

In the rest of the UK, the 10% rate does not kick in until £925,000.01.

Brown said of his firm’s near-100% sales success that it was testament to the staff.

He added: “There is also the fact that the referendum hangover – which caused people to put buying or selling on hold – has well and truly been cast aside.

“There have certainly been more properties which have had competition and closing dates than in previous years.

“I think prices will rise, but slowly and steadily over the year.”

The firm’s sales figures were recorded by the Edinburgh Solicitors Property Centre, putting Warners in top place as the ESPC’s most successful firm.

Warners does not seem to have too much trouble replenishing its stock. Yesterday on Rightmove, the firm had 137 properties listed of which 132 are available.