This annual increase of 5.8 per cent indicates healthy demand in the market during the typically quieter months, continuing the patterns of activity seen throughout the second half of 2024.

Nearly all of the areas covered by ESPC saw boosts in their average selling prices. West Fife & Kinross saw average selling prices rise by 17.5 per cent year-on-year to £229,004. In Dunfermline, property prices rose by 29.3 per cent to £230,233. However, Dunfermline remained home to the most affordable property type on the market, with one-bedroom flats in the city selling for £96,475 on average.

The Borders also saw a significant rise in average property prices, with an 8.4 per cent increase taking the average to £219,067.

In Edinburgh, the north west of the city reported average property prices rising 21.9 per cent annually to £316,219, while the city centre rose 15.1 per cent to £343,793.

Overall, Edinburgh’s Grange was the most expensive neighbourhood in which to buy a property, with homes selling for £530,492 on average. By contrast, Jedburgh in the Borders offered the best affordability, with an average property price tag of £112,773.

Paul Hilton, CEO of ESPC, said: “The final three months of 2024 saw the year end on a positive note for the housing market, with incredibly healthy levels of activity across the board. We’ve seen everything from rising property prices to decreasing sales times, and generous increases in the volumes of both property listings and property sales – all key indicators of a buoyant market.

“Once again, Dunfermline and the East of Edinburgh both appear to offer the strongest appeal for buyers, with extremely active markets in both of these locations. It’s also especially interesting to note the increasing property prices and demand for homes in neighbourhoods of Edinburgh that offer access to highly-rated state schooling; we did predict that this may be the case in 2025 but it appears we may be seeing this beginning already, with families keen to secure homes close to good state schooling ahead of private school VAT increases coming into force.”