Scottish housing stock reaches

In news that could be of interest to anyone aiming to sell a house in Scotland, recent research has shown that the value of housing stock north of the border reached £247 billion during 2007.

Figures compiled from various sources by Halifax demonstrate that Scotland saw the sharpest rise in the value of its housing stock of any region in the UK over the course of last year.

The UK’s overall housing stock is now worth more than £4 trillion, but the most notable finding to come out of the recent study for anyone looking to buy a house in Scotland is that the value of property in the nation rose by 16 per cent in 2007.

Martin Ellis, chief economist at Halifax, said: "UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen.

"This has significantly strengthened the household balance sheet," he added.

At its most recent meeting, the Bank of England’s monetary policy committee opted to maintain the base rate of interest at 5.5 per cent until next month at least.