The average selling price increased by a marginal 0.3% to £270,366, with buyers paying on average 100.9% of the valuation figure to secure a property.

The most expensive region to buy a property was Edinburgh, with an average price of £284,965, while the most affordable was the Borders, where homes cost £216,225 on average.

Dunfermline saw a significant increase in average selling prices, with a 14.9% annual rise meaning that the average cost of a home in the city was £213,808. Dunfermline was home to the most affordable property type too, with two-bedroom flats there selling for £126,172 on average.

Another rising property hotspot, Edinburgh East, saw its average selling price leap 8% year-on-year, meaning a property in this trendy area cost £262,537.

In particular, flats in the Leith area saw the largest jumps; one-bedroom flats around Leith Walk and Easter Road reported average prices rising 8.2% annually, to £178,635, while two-bedroom flats around central Leith and The Shore rose 9.1%, to £246,778.

Paul Hilton, CEO of ESPC, said: “The first quarter of 2024 presents a consistent picture for the property market, with the trends of the past few months continuing.

“We are certainly seeing a market that is favourable for buyers, with plenty of options available, reduced expectations to pay high premiums, fewer closing dates and longer selling times, giving househunters ample opportunity to shop around to find their ideal home.

“There is plenty of interest and activity among property buyers, but with more properties on the market it allows for calmer seas for those in a position to purchase.”

He added: “It’s no surprise to see the trendy neighbourhoods of Edinburgh East commanding so much attention from househunters; it’s home to popular areas such as Leith, Portobello, Bonnington and Brunstane, and the figures certainly show that this part of the Capital is ultra-appealing to a broad range of buyers.

“West Fife & Kinross is also home to hot property, with Dunfermline continuing to draw interest across a range of budgets and life stages.”