THREE-BEDROOM homes in Dunfermline have been the biggest sellers in the East of Scotland property market since the coronavirus lockdown.

The ESPC's House Price Report for September also said that Dunfermline – along with Leith – was the area with the greatest volume of new homes coming to the market.

From July 1 to September 30, the average selling price in Edinburgh, the Lothians, Fife and the Borders was £266,149, up 5.2 per cent compared to the same period last year. This is also an increase compared to the first quarter of the year, during which the average selling price was £240,689.

Properties in West Fife and Kinross saw an increase in selling price of 8.8 per cent.

The past three months has seen a significant spike in the number of homes coming to market, up 48.2 per cent year-on-year. However, there was a 32.3 per cent drop in sales volume which is thought to be down to the sales and mortgage process taking longer because of the high volumes of activity.

Over the past three months, there has been a year-on-year uplift in the number of homes placed under offer with 88.1 per cent of homes marketed as “offers over” compared to 80.7 per cent last year.

On average, properties across the area achieved 103.6 per cent of Home Report valuation compared to 103.2 per cent. A total of 83.6 per cent of properties were sold for at least Home Report valuation compared to 77.7 per cent last year.

The median selling time of properties was 21 days, the same as last year. Properties in West Fife and Kinross saw the greatest reduction in selling time, at 21 days compared to 27 days last year.

Paul Hilton, CEO of ESPC, said activity had surged since restrictions were relaxed on the Scottish property market.

"There has been a significant uplift in the number of homes coming to market while ESPC agents have reported being exceptionally busy with enquiries from buyers and sellers," he said.

“Properties are selling well, with the average selling price up compared to last year and the first quarter of 2020.

“Some of the online figures we monitor to gauge buyer and seller engagement are still significantly up compared to last year, which suggests that strong interest in buying and selling remains.

“October brings the end of the furlough scheme and the First Home Fund is also closing to applications for this year, although it will be re-opened next year. The First Home Fund has been useful for many first-time buyers who might have struggled to save enough for the higher deposits currently required by lenders. This could therefore impact the demand levels for property, resulting in a drop in activity.

“However, based on the high levels of activity we have seen in recent months and what’s happened in the past, the Edinburgh and wider Scottish property market appears in a relatively stable position to tackle the economic uncertainties of the next quarter.”