The total value of all homes across the UK now stands at £8.678trn, according to new research by Savills.

Housing wealth continues to exceed £7trn; a figure 2.6 times the size of the UK’s economy. Modest falls across London and the South (most exposed to higher interest rates) were offset by a £29bn increase across the rest of the UK.

The most significant uplift was in Northern Ireland (3.2%), North East (1.4%), Scotland (1.3%) and the East Midlands (1.3%).

The total value of London’s housing stock decreased by -2.1%, while the South East, South West and East of England saw a combined -0.5% fall

Faisal Choudhry, head of residential research at Savills in Scotland, said: “Scotland’s housing sector remains robust and resilient, with the value of housing stock continuing to rise against a backdrop of a marginal dip in the value of UK stock. Scotland’s growth comes down to comparative affordability, the relative value gap between Scottish locations and those south of the border, with room for further growth a result. Scotland has remained in demand as a place to invest in property from buyers from all over the UK.”