SCOTLAND experienced the biggest increase in house prices of anywhere in the UK during the past 10 years, a new survey has revealed.

Figures from the Bank of Scotland have shown £70,000 was added to the value of the average house between 2001 and 2011, meaning property prices more than doubled during the boom years.

While some value has dropped off the price of many homes after the housing bubble burst in 2007, the fall has been nowhere near as dramatic as the climb.

Recent estimates show prices have dropped by just 5% to 10% since the end of the boom five years ago.

However, Bank of Scotland analysts say that overall, house prices have soared by 111% since 2001, beating London's property hotspots where the increase was 88%.

The survey also found the number of houses in private hands rose almost one-fifth as people took advantage of easily available credit in the years it was available.

Nitesh Patel, housing economist at Bank of Scotland, said housing remains the "main store of private wealth in Scotland".

He added: "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."

Across the UK, the average rate of growth was 84%, meaning that, overall, the total value of Britain's housing stock increased by £1.8 trillion to an estimated £3.9 trillion at the end of last year.

Scotland is followed by the North of England region, where the total value of homes rose by 102% – from £50.5bn to £101.8bn. In Yorkshire and the Humber housing value has almost doubled to £236bn from £119bn in 2001. The smallest increases were in the South-East (68%) and the West Midlands (71%).

Estate agents have welcomed the news that the value of Scotland's housing stock is now on a par with much of the rest of the UK, as it had historically lagged behind many other areas.

Andrew Smith, partner in Strutt & Parker's Edinburgh office, said: "It is good for market confidence to hear the value of housing in Scotland has risen.

"In addition, housing prices in Scotland 10 years ago were substantially lower than London and the South-East of England.

"It can only be good news that the value of Scotland's housing stock has risen so substantially and these figures illustrate the importance of taking a long-term view on the property market rather than short-term speculation. Over the past 25 years, to look back further, property has proven to be a fantastic long-term investment."

Dr John Boyle, head of research at Rettie & Co, said: "The market is being affected by a lot of people sitting tight if they can afford to, as they see that the value of their properties has fallen.

"But it's important to remember the same properties have increased in value and we did not see the crash that many forecast. As estate agents, we would like to see more people selling their homes rather than sitting tight as this would fuel the market again."

Michael Luck, managing director of Slater Hogg & Howison said: "Two significant factors which may have contributed to the increase in the value of the Scottish property market are the implementation of Right to Buy scheme which provided a great opportunity for buyers to purchase properties at reduced rates, significantly increasing home ownership in the region.

"As a result, this enabled homeowners to accrue equity and sell the properties at an increased market value, and subsequently to then trade up over the last decade."