Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment has been made of the effect on the Scottish economy of house prices in Scotland.

Scotland's economy has performed well within the UK and the Scottish housing market is recovering alongside the rest of the UK's housing market. As in previous recoveries house prices have risen but still remain below their pre-crisis peak in real terms in Scotland. As a result of increased confidence in the housing market, property transactions in Scotland were 21 per cent higher in 2013 than the lows seen in 2011. With the creation of the Financial Policy Committee, we now have the tools to guard against risks in the housing market.