NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01HRS SATURDAY 5 MAY : A YEAR OF TWO HALVES FOR SCOTTISH MILLION POUND PROPERTY MARKET

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1 NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01HRS SATURDAY 5 MAY : A YEAR OF TWO HALVES FOR SCOTTISH MILLION POUND PROPERTY MARKET Million pound proprty sals in Scotland incrasd by 4% in 2017, aftr a slow start to th yar Edinburgh saw th third highst volum of transactions outsid of London and th South East Th numbr of proprtis in Scotland which sold for mor than a million pounds incrasd by 4% in 2017, compard to 2016 according to analysis from th Bank of Scotland. 1 Aftr a slow start to th yar, 158 proprtis worth mor than a million pounds wr sold in Scotland in 2017, up from 152 in Th 4% incras is slightly lowr than th 5% growth sn across Grat Britain. Howvr it marks a substantial uplift from th first half of 2017, which saw sals fall by 35% in Scotland, compard to a drop of 1% for th rst of Grat Britain. Million pound hom sals in Scotland hav incrasd by 39% ovr th last fiv yars. Howvr, thy r still significantly lowr than thos rcordd bfor th financial crisis; in 2007, thr wr 222 transactions rcordd, marking a 29% drop ovr th last tn yars. Rgional analysis Sals in Edinburgh accountd for almost two thirds (64%) of thos in Scotland ovrall, with 101 sold. This was th third highst numbr outsid of London and th South East of England in

2 Aftr Edinburgh, th highst numbr of Scottish sals wr in East Lothian (10), followd by Glasgow (9) and East Dunbartonshir (7). 3 South Lanarkshir saw a biggst yar-on-yar dclin of million pound proprtis, (-73%), dropping from 11 proprtis sold in 2016, to thr in Th pictur across Grat Britain Million pound hom sals for Grat Britain ovrall wr up 5% in 2017; in total, thr wr 14,474 transactions rcordd, up from 13,748 in In contrast to Scotland, th ovrall numbr of proprtis sold ovr th last tn yars has incrasd by almost thr quartrs (73%). Comparing Scotland s million pound hom sals to th rst of th Grat Britain, just 1% of all sals took plac north of th bordr, compard to 57% in London and 23% in th South East of England. Donald Gatly, Had of Bank of Scotland Privat Banking, said: It was a yar of two halvs for th million pound proprty markt in Scotland, which got off to a vry poor start in 2017 bfor making a strong rcovry in th lattr part of th yar. It sms that high-nd homownrs and invstors in Scotland ar starting to rgain thir confidnc in th markt, dspit factors such as th Land and Buildings Transaction Tax and th ongoing uncrtainty around Brxit. Whil things ar now looking mor positiv, particularly in Edinburgh, transactions ar still lowr than thy wr a dcad ago in Scotland, which is in contrast to th rst of Grat Britain. Last yar s growth indicats a mov in th right dirction and ovr th nxt 12 months w will s if th confidnc shown in th lattr half of 2017 continus. Th markt isn t only mad up of buyrs, howvr. Thr ar thousands of homownrs occupying million pound proprtis across th country, many of whom may b considring downsizing, rlocating or xtnding thir xisting homs. W would always urg anyon to

3 sk advic about th most appropriat options availabl to thm to transition proprty walth into othr assts or pass onto family mmbrs. ENDS : Kay Broadi: Nots to ditors: 1 Tabl 1: rgional million pound plus proprty sals: 2007, 2012, 2016, Yr % 5 Yr % 10 Yr % Rgion London 4,525 5,160 8,243 8,308 1% 61% 84% South East 2,066 1,589 3,025 3,377 12% 113% 63% East of England ,191 1,208 1% 145% 100% South Wst % 168% 76% North Wst % 259% 21% Wst Midlands % 209% 77% Scotland % 39% -29% Yorkshir and Th Humbr % 217% 51% East Midlands % 50% -11% North East % 170% -21% Wals % 188% 15% Grat Britain 8,379 7,862 13,748 14,474 5% 84% 73% Sourc: Land Rgistry and th Rgistrs of Scotland 2 Tabl 2: highst numbr of million pound plus proprty sals outsid of London: 2017

4 Local Authority District 2017 Rgion m+ Proprty Sals St Albans GOR East of England 172 Epping Forst GOR East of England 122 Edinburgh, City GOR Scotland 101 Chshir East GOR North Wst 101 Cambridg GOR East of England 97 Thr Rivrs GOR East of England 95 Pool GOR South Wst 90 Dacorum GOR East of England 89 Hrtsmr GOR East of England 87 Trafford GOR North Wst 85 Sourc: Land Rgistry and th Rgistrs of Scotland 3 Tabl 3: highst numbr of million pound plus proprty sals in Scotland: 2007, 2012, 2016, Local Authority YR 5 YR 5YR % 10 YR 10YR % Edinburgh, City % % % East Lothian % 5 150% -8-44% Glasgow City % % East Dunbartonshir % 3 600% 1 17% Fif % 1 20% 1 20% Prth and Kinross % 1-20% % East Rnfrwshir % 0 100% -4-50% Abrdn City % -1-82% -9-75% South Lanarkshir % -8-67% -2-40% Highland % -1-25%

5 Scottish Bordrs % -1 0% -3-60% Stirling % -4 0% -1-33% Midlothian % 0 0% Dund City % Dumfris and Galloway % 1 Invrclyd % % Abrdnshir % % % South Ayrshir % % % Argyll and But % % % Rnfrwshir % % % North Ayrshir % % Clackmannansh ir % Moray % % 0 Wst Lothian Falkirk Eilan Siar North Lanarkshir Orkny Islands Shtland Islands Wst Dunbartonshir Angus East Ayrshir Scotland % 44 39% % Sourc: Th Rgistrs of Scotland This rport is prpard from information that w bliv is collatd with car, howvr, it is only intndd to highlight issus and it is not intndd to b comprhnsiv. W rsrv th right to vary our mthodology and to dit or discontinu/withdraw this, or any othr rport. Any us of this rport for an individual's own or third party commrcial purposs is don ntirly at th risk of th prson making such us and solly th rsponsibility of th prson or prsons making such rlianc. Bank of Scotland plc all rights rsrvd Data producd by Land Rgistry Crown copyright 2018.

6 Crown copyright matrial rproducd with th prmission of Rgistrs of Scotland This information is intndd for th sol us of journalists and mdia profssionals.