While there was a 33% rise in sales above £400,000, there was only a 6% annual increase across the market as a whole, which is more dependent on the vagaries of the mortgage market. While there were lower rates of lending, banks continue to be cautious with regard to mortgage approvals.

The UK Government’s Help to Buy Scheme, designed to support those aspiring to purchase following the property market crash, enabled 8,686 sales, which represented 7% of all Scottish sales between October 2013 and December 2014.

We are likely to see an increase in buying activity and values during the remainder of 2015, following the introduction of LBTT which will benefit purchasers of homes below £334,000.

Annual transactional growth in Perth & Kinross, Moray, Argyll & Bute, Glasgow City, Edinburgh City, Lanarkshire, Dunbartonshire, Highlands, Renfrewshire and West Lothian was higher than the figure for Scotland as a whole.

On the other hand, key locations, which are traditionally in demand due to good schools, local amenities and high quality properties, such as East Lothian, East Renfrewshire and Aberdeen City, have lagged in terms of activity. However, they have all suffered from a lack of supply, which has ensured prices have been supported.