Average property prices in Edinburgh have topped £300,000 for the first time as Scotland continues to experience a record housing boom.

Homes in the Capital are the most valuable in Scotland and the second most valuable in the UK, behind London.

Scotland has benefitted from a 12.1% rise in property prices in the year to May, the biggest increase in the UK and a decade-long high.

Four in every five properties sold in Edinburgh are now attracting multiple bidders with many selling for up to 20% over their Home Report valuation.

Many families have been prompted to move to larger properties that are more appropriate for home working as a result of the Covid pandemic.

The average price of a property in the Capital is now almost twice the national average of £171,448 this year, according to data published by the Registers of Scotland.

Domestic property prices increased by 5.4% between April and May, compared with rise of just 0.7% during the same period in 2021.

The biggest increase across Scotland was for terraced properties which rose by 13.4% in the year to May, to an average of £145,290.

While property in Edinburgh was the most expensive, Inverclyde saw the highest price rise, up by 20.2% to an average of £111,911.

In March, the number of property sales across Scotland was 100% higher than the same time last year which coincided with the start of the coronavirus lockdown.

Struan Douglas, Managing Director of Purdie & Co Solicitors and Estate Agent, said: “Scotland has not seen this level of consistent price growth in more than a decade since before the global financial crash of 2008.

“Record demand followed the lifting of the first lockdown last Summer, and it has rarely been checked, continuing on a path of steady growth over the period.

“Values have been boosted by a relative shortage of available housing stock, meaning that most properties coming onto the market are being chased by multiple buyers.

“Successful bidders are invariably those who pitch their offers well over the Home Report valuation and those who are unsuccessful move onto the next property, determined not to miss out again.”

For more information on buying or selling a property in your area call Purdie & Co on 0131 346 7240 or visit www.purdiesolicitors.co.uk