The Edinburgh and Lothians Property Group says that a recent surge in enquiries and property sales in Edinburgh is suggesting that the city’s property market is nearing the end of its slump.

The group, which consists of Warners, Neilsons, Drummond Miller, Leslie Deans & Co and the Lints Partnership, highlights that the property market has historically been the first area to recover during previous recessions in the UK.

“The property market in Scotland was the first thing to be hit by the recession and over the past 12 months, we have seen the number of property sales decreasing, as well as house prices falling," said Steve Spence, senior partner at ELPG member firm Neilsons.

“However, history suggests that property is also the first sector to recover following an economic downturn. During the last global slump in the 1990s, the property market was hit badly by the recession but it was also the first area that saw signs of recovery.

“We’re already seeing the return of closing dates in Scotland’s property market and there appears to be more confidence among buyers and sellers. We have had an unprecedented number of enquiries and sales among the ELPG member firms over the past two weeks, so it’s clear that there is a lot of demand for bricks and mortar in Edinburgh.”