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Its buyers include expats wishing to return to Scotland, buyers looking for second homes, development projects and professionals requiring a family home in Edinburgh. There are also a number of buyers looking for farmland and estates.

Saint Property said it had a list of ready-to-purchase cash buyers with a total spending power of £12million for properties in Edinburgh alone, and £87million in rural areas.

"Currently demand outstrips open market supply, making it harder for buyers to find the property they want," Sinclair said.

"This is for a number of reasons – sellers are holding back for more favourable conditions before marketing their property, properties are being marketed at prices not reflective of the current market conditions, the effect of the home report, plus buyers are not aware of 'off-market' opportunities."

He added: "The perceived lack of supply in the marketplace is keeping prices artificially high, heavily masking the underlying trend of downward pressure.

"We are experiencing a 'Sugar High' rather than a genuine rallying of the property market. There is much debate about this at the moment, with conflicting reports from banks, estate agents and surveyors, which is confusing buyers and sellers.

"In an uncertain market search agents can provide much-needed expert advice and match buyers to properties being sold privately as well as those in the marketplace."

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