Edinburgh house prices have rocketed more than 500% in the last 25 years. It is the third-highest price increases of any city in Britain according to Bank of Scotland figures.

Property values in other Scottish cities, averaged an increase of 351% in the period, marginally exceeding the increase of 347%for the UK as a whole. Edinburgh’s increase of 509% was behind Truro at 550% and Westminster, London, at 522%.

The IMF has urged George Osborne to start preparing an emergency package of tax cuts and spending increases as it called for further interest rate cuts and more electronic money creation from the Bank of England to lift Britain out of its double-dip recession.

Scottish house prices continued to fall over the last three months and the market remains in the doldrums, a new report has said.

In the three months until April, the average domestic property price decreased by 2.7%, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.

Its quarterly price index showed that on an annual basis, house prices have fallen by 4.4%.

The annual price change is measured by the average of the latest four quarters.

The report said the average house price in Scotland is now £148,024.