There was a 145% increase from £104 billion in 1999 to an estimated £255 billion in 2009. During the same period, the retail price index rose by 29%.
The significant increase of £150 billion over the ten year period is equivalent to about £29,000 per head of Scotland's population. The value of private housing in Scotland (145%) grew at a faster pace than in the UK as a whole between 1999 and 2009 (118%).
Only two regions recorded a bigger increase in housing value over the decade; Northern Ireland (198%) and North East of England (147%). The smallest rises in the UK were in the South East (100%) and the East of England and West Midlands (both 107%).
Since 2007 the value of housing stock in Scotland has fallen by less than 1%; whilst in the UK as a whole it has declined by 8%, reflecting the reduction in house prices between mid 2007 and early 2009. The improvement in house prices in 2009 saw housing value grow in Scotland by an estimated 5% during the year; overall growth for the UK is estimated at 2%.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"The past decade has seen a substantial increase in the value of housing assets in Scotland, with an average annual increase of 9%. Notably, Scotland has recorded bigger increases than most other parts of the UK, especially southern England."
