The past year saw the taps of housing supply switched off by lockdown restrictions, however, rather than dampen demand, the pandemic fostered a re-evaluation of living priorities and, for fortunate households, a period of enforced saving. The net result has been the building up of pressure and demand during lockdown, which has now sustained one the most buoyant periods of market activity since before the global financial crisis. Anecdotally, many agents with 20 to 30 years of experience cannot remember a time with so much demand in the market. This anecdotal evidence is supported by statistics. Using the Capital as a case study, with its a diversified market comprising dense flatted areas and suburban family markets, the disparity between supply and demand since lockdown is evident. In Figure 5, the number of new applicants registering for Edinburgh homes with Rettie is shown. From this, it is possible to see the seasonal patterns preceding the lockdown and the low level of new applicants that resulted from the restrictions. However, what is clearly visible is the rebound and weight of new applicants registering once restrictions were lifted, and how this persisted at higher than pre-lockdown levels through 2020 and in to 2021. Contrasting with the high demand that entered the market once restrictions were lifted has been subdued supply. Figure 6 shows that the number of new listings coming to the market in Edinburgh before the pandemic were lower than the previous year. Following the lockdown, there was an increase in supply as backlog of supply that would have come to the market during the busy Spring period was finally launched. As this backlog of supply eased new supply has settled back to more seasonal levels. When these two indicators are combined, we can more clearly see this contrast (see Figure 7). Using a 12-month rolling total of new applicants and new supply indexed to the 12 months preceding the pandemic, then this contrast is starkly shown within the Edinburgh market. While the pandemic initially subdued demand, by July new applicants in the previous 12 months were already higher than they had been pre-pandemic. This has continued to rise, meaning that in the year to April 2021, applicant levels were 47% higher than the 12 months before the first lockdown. By contrast, analysis of all properties listed in the Edinburgh market, shows that it has taken a year for supply within the market to recover to pre-pandemic levels, let alone keep pace with increased demand. This fundamental imbalance has been the cause of rising prices in the market over the past year.