The report has signalled that average prices and transactions have continued to grow, although only marginally and at reduced levels of growth compared to previous years.

In the sales market, the main growth in the last year has been seen in commuting areas outside the cities, including in the Lothians and Stirling. Midlothian leads the way with average price growth in excess of 20% and transactions growth of over 10%.

Supply has dropped back in a number of prime locations such as EH3 in Edinburgh (down 15%) as well as the likes of G3 and G12 in the Glasgow West End, putting upward pressure on prices in these areas given levels of demand.

The new build sales market is also continuing to grow, with such sales now at their highest level since 2008 and developments across the Central Belt averaging well over 4 sales per month. The average new build price is now £244,000.

Rental demand in Scotland’s main cities remains strong. Average advertised rents in Edinburgh have increased by close to 6% per annum for the past five years. In Glasgow, the equivalent figure is nearly 4% per annum.

Dr John Boyle, Rettie & Co’s Director of Research & Strategy, added: “Our regular Market Briefings series demonstrates that the Scottish housing market has continued to hold up despite the headwinds facing it. Demand for property (whether for sale or rent) remains strong overall and there is considerable excess demand in certain areas, notably in and around Edinburgh but also parts of Glasgow. 2020 can be expected to be another challenging year, but the market to date has proved that it can perform despite the events going on around it.”

The full report can be downloaded here.