Scotland business

Value of Scotland's private housing stock up £149bn in a decade

Couple outside estate agent
Image caption The study said rising house prices had helped increase the overall value of private housing

The value of private housing in Scotland has risen by £149bn in the last decade, according to new research.

The Bank of Scotland said private residential housing stock was estimated to be worth £263 billion at the end of 2011, up 131% from £114bn in 2001.

The value of the stock has increased at a greater rate than anywhere else in the UK.

The bank said the rise had been driven by higher house prices and an increase in housing stock.

The 131% increase seen in Scotland was the best performance in the UK, growing at a faster rate than the national average of 84%, and at a much faster rate than overall consumer prices.

Nitesh Patel, housing economist at Bank of Scotland, said: "Scotland has seen the largest increase in the value of the privately-owned housing stock over the past 10 years across the UK.

"Helped by more than a doubling in house prices, as well as a 16% increase in the stock of privately-held residential properties, the value of Scotland's housing has increased by 131%, or £69,000 per household, during the decade.

"For most homeowners in Scotland, housing is still very much the main store of private wealth."

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