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Scottish Home's Values Rise

 © The Herald
Originally published: 18.02.2006

THE value of Scotland's homes has increased by 138 percent over a decade, and house sales in Glasgow have hit record levels.

Figures from Bank of Scotland research show private housing stock has more than doubled in value, from £80bn 10 years ago to £190bn last year.

But Scotland scored the smallest percentage increase of any region of the UK over the period, dwarfed by the best performers - Northern Ireland, where values rose by 271 percent, and Greater London (266 percent).

In the past year Scotland's housing stock has seen the greatest leap in values, rising by 17 percent compared to 6 percent growth across the UK, as prices catch up with gains elsewhere.

Separate figures from Registers of Scotland show the value of house sales in the Glasgow region rose by 25.4 percent year-on-year, reinforcing its position as the largest home-buying market in Scotland, with sales of just over £1.5bn between October and December 2005.

Tim Crawford, group economist at Bank of Scotland, said: "The Scottish private housing stock increased in value by nearly £30bn in 2005 and is now worth £190bn."

According to the Bank of Scotland report, Edinburgh had the most valuable housing stock in Scotland, at £27bn, as much as Glasgow (£17bn) and Aberdeen (£10bn) combined.

Westminster had the priciest housing stock in Great Britain on a local authority basis at £40bn. Seven of the 10 council areas with the most valuable private housing stocks were in London - Edinburgh was ranked seventh in the UK.