Value of Scotland’s housing soars by £149 billion in past decade
New research from Bank of Scotland shows that the value of private housing stock north of the border rose by £149 billion (or 131%) in the decade to 2011, more than anywhere else in the UK. The value of the housing stock at the end of 2011 is estimated at £263 billion, up from £114 billion in 2001.
The increase of £149 billion over the decade is equivalent to £69,000 per household (owner-occupied and private rented) in Scotland. The value of Scotland’s private residential housing stock has grown at a much faster rate than overall consumer prices with the retail price index up by 38% over the past ten years.
Nitesh Patel, housing economist at Bank of Scotland, commented:
“Scotland has seen the largest increase in the value of the privately owned housing stock over the past ten years across the UK. Helped by more than a doubling in house price, 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.”