The number of homes coming to market has also decreased by 8.4 per cent year-on-year. Similarly, this decline was concentrated in the last two weeks of March. In Edinburgh over the three month period, there was a 16.9 per cent decrease in sales volume and a 10.2 per cent decline in volume of property listings year-on-year.

However, average property selling prices have so far remained relatively steady. Over the first quarter of 2020, the average property selling price in Edinburgh, the Lothians, Fife and the Borders was £240,689, which was a 1.6 per cent increase compared to the previous year.

In Edinburgh, the average property selling price was £258,685, which was a two per cent increase compared to the previous year. Properties in the north of the city saw the greatest increase in average selling price which rose by five per cent while properties in the north west saw the greatest decrease in average selling price, falling by 6.3 per cent.

In some areas outwith the city, there were some significant changes to the average property selling price compared to the previous year. The average property selling price in West Fife & Kinross was £177,053, a 12.2 per cent increase compared to the previous year, while there was an 8.6 per cent increase in the Dunfermline average selling price. Properties in West Lothian saw average selling prices increase by 10.2 per cent. The average property selling price in the Borders decreased by 6.3 per cent year-on-year.

In other areas, average property selling prices remained similar to the previous year. In East Lothian and Midlothian, there was a 1 per cent and 1.9 per cent increase respectively. In East Fife, there was a 0.8 per cent increase.

The average percentage of home report valuation achieved also remained relatively steady in comparison to last year. Across all areas in the first quarter of 2020, the average percentage of Home Report valuation achieved was 102.4 per cent, the same as last year. In Edinburgh, it was 103.8 per cent compared to 103.7 per cent last year.

In Edinburgh, the Lothians, Fife and the Borders, the median time it took for a property to go under offer over the past three months was 27 days, two days faster than last year. In Edinburgh, this figure was 23 days, four days faster than last year.

Jamie Fraser-Davidson, business analyst at ESPC, said: “In the first quarter of 2020, there has been reasonably significant decreases in property sales volume and the number of homes coming to market in Edinburgh, the Lothians, Fife and the Borders.

“These declines were concentrated in the last fortnight of March, caused by the COVID-19 outbreak in the UK and resultant social distancing measures.

“However, during this three month period, average property selling prices and the average percentage of property valuation achieved have remained relatively steady compared to last year.”

Paul Hilton, CEO of ESPC, said: “As expected, the current social distancing measures have impacted the volume of property sales and number of homes coming to market. Prior to the last two weeks of March, we were seeing a strong start to the year, both in terms of sales and instructions.

“We expect overall market activity to be much lower than usual for this time of year while these measures are in place. However, since the commencement of social distancing and the daily restrictions on everyday lives, some of our agents are still reporting that they are receiving offers on properties, often over the Home Report valuation. This indicates that confidence remains in what has historically been a very resilient marketplace.”

Craig Forster, partner at McDougall McQueen, added: “In the last two weeks , despite the temporary closure of many of our branches as a result of the social distancing measures imposed, our teams , who are operating remotely, have continued to receive and make a number of offers for properties throughout Edinburgh and the Lothians. Last week we received seven offers for seven different properties in one day alone.”