The property market in Scotland is booming, with both prices and transactions rising.

According to estate agency solicitors’ firm Aberdein Considine, the Scottish homes market is at an 11-year high. However, the Bank of Scotland has sounded a much gloomier note.

Abderdein Considine, which tracks the market, said that almost 26,000 sales were concluded in the second quarter this year, nearly 1,000 more than the same period last year.

House prices are 1.6% higher than a year ago, and the value of sales between January and the end of June was the highest since 2008 at over £8bn.

Even in Aberdeen, hit by the collapse of the oil market, house prices have risen for the first time in two years.

However Aberdein Considine said that, as in England, there is a shortage of homes coming to the market.

Managing partner Jacqueline Law said: “The regions with the highest property prices – Edinburgh, East Lothian and Glasgow’s more affluent suburbs – have a common tie, which is a lack of homes for sale.

“Average sale prices in these areas are reflective of the high demand for what limited stock is coming to market.

“Regardless of what kind of deal – if any – the UK leaves the EU with on October 31, many Scots are pressing ahead with purchase decisions in order to provide short to medium term security.

“However, in many areas there are simply not enough homes on the market to meet that demand, which in turn is driving up prices.”

The Bank of Scotland, in a new home moving review, agrees that there is a shortage of homes on the market – but says that the number of people moving house in the first half of this year is at the lowest in five years and is down 2% on the same period last year.

It says just 14,682 existing home owners with a mortgage moved house in the first six months of this year – far lower than Aberdein Considine claims moved house in just the second quarter. However, the bank’s figures do not include first-time buyers or cash purchasers.

Despite the fall in home owners moving house, the average purchase price is up, at £221,515. This is a rise of 17% in the last five years, and 24% in the last decade.

However, the average Scottish house price is still less than the UK average, at £329,648, and the increase is the lowest in any area of the UK.

Graham Blair, mortgages director at the Bank of Scotland, said: “The slow rate of home movers is a reflection of increased deposits, higher stamp duty charges, as well as potential interest rate rises.

“Despite a dip in the number of people moving in 2019, house prices have still increased and may also be contributing to the slowdown.”