Britain’s £1 million-plus homes market remained resilient last year, according to property firm Savills, with 3,127 more joining the ranks of property millionaires.
In total there are now 702,580 homes valued at £1 million or more across Britain. This represents a 34% increase on the last five-years. And it means one in every 42 homes in Great Britain is valued at more than £1 million.
“This market returned to growth last year, after the market and prices fell from their pandemic higher in 2023. But, growth has been limited by higher mortgage costs and stretched affordability, further reducing some of the gains made over the course of the pandemic in suburban and rural areas” comments Lucian Cook, head of residential research at Savills.
“However, increased demand for city living driven by the return-to-work movement has rebalanced the market back in favour of London homeowners, with 5,000 properties crossing the £1 million threshold in 2024.”
“Falling mortgage rates and improved optimism among second steppers should increase the share of £1 million homes more significantly over the coming year. With commutability and good schools likely to be the key drivers for where growth is most concentrated.”
London saw the biggest increase in £1 million-homes, as the market continues to experience the impact of pandemic trends unwinding. In total there are now 349,068 £1 million-plus properties in London, which is a record high for the Capital, making up one in every 11 homes.
Across the rest of Great Britain, the number of homes valued at £1 million or more continued to dip slightly, down by -1%. Although the five-year growth figure is still three times that of London’s (58% vs 16% in London). Outside of London, one in every 73 homeowners are currently property millionaires.
In percentage terms the North East saw the biggest rise in property millionaires outside of London (5.5% increase), although this market still holds the smallest overall market share. While the West Midlands saw the biggest increase in the number of people joining the ranks of property millionaires on the year (+918).
The South East, East of England, the South West and Wales all continued to see a decline in their £1 million-plus stock. Although the number of properties falling under the threshold in those locations has slowed down since 2023.
| £1m | % of market | 1 in x | 1-year change | 5-year change | |
| London | 349,068 | 9.20% | 11 | 5,202 | 48,970 |
| South East | 159,973 | 3.90% | 26 | -1,902 | 49,157 |
| East of England | 64,339 | 2.30% | 44 | -1,320 | 22,647 |
| South West | 46,324 | 1.70% | 58 | -1,527 | 21,030 |
| West Midlands | 22,065 | 0.80% | 118 | 918 | 10,165 |
| North West | 20,764 | 0.60% | 164 | 834 | 8,096 |
| Yorkshire & Humber | 12,200 | 0.50% | 206 | 522 | 5,518 |
| Scotland | 11,330 | 0.40% | 239 | 11 | 4,944 |
| East Midlands | 9,286 | 0.40% | 237 | 348 | 4,589 |
| Wales | 4,485 | 0.30% | 330 | -100 | 2,496 |
| North East | 2,746 | 0.20% | 461 | 142 | 1,360 |
| Great Britain | 702,580 | 2.40% | 42 | 3,127 | 178,971 |
| Total Excl London | 353,514 | 1.40% | 73 | -2,075 | 130,001 |
Source: Savills research. All values have been rounded.
