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The number of homes valued at £1 million-plus across Britain has jumped by around a third over the past five years, a property firm has estimated.
Savills calculated a net gain of 3,127 more properties being worth at least £1 million last year, compared with 2023, taking the total number of homes valued at this level to around 702,580, a number which has increased by 34% over the past five years.
In total, one in every 42 homes in Britain is valued at £1 million-plus, it said.
London recorded the biggest increase in million-pound homes last year according to the research, with one in every 11 homes in the capital valued at this level.
In total, there are 349,068 £1 million-plus properties in London, which is a record high for the city, according to the calculations.
But some parts of the UK saw a fall in million-pound homes and excluding London, the number of £1 million properties fell by 1% last year.
Lucian Cook, head of residential research at Savills, said: “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.
“However, increased demand for city living driven by the return-to-work movement has re-balanced the market back in favour of London homeowners, with 5,000 properties crossing the £1 million threshold in 2024.”
Outside of London, one in every 73 homes are worth £1 million-plus, Savills estimated.
In percentage terms, the North East of England saw the biggest rise in property millionaires outside of London (a 5.5% increase), although this market still holds the smallest overall market share, the report said.
The West Midlands also saw a big jump, with 918 more million-pound properties last year.
Peter Daborn, director and head of residential sales at Savills in the West Midlands, said: “We see many buyers still taking advantage of flexible working and the appeal of living in the countryside is still a big draw, with London commutable in little over an hour from the likes of Stafford station.
“The recent changes to school fees are also having an impact on the region’s property market, with more buyers driven to the West Midlands to take advantage of the abundance of highly regarded public schools on offer.
“When coupled with the relative affordability in counties like Shropshire and Staffordshire, a new balance is struck, meaning families can still have the complete package of the home, lifestyle, and education they want, without increased financial burden.”
The South East, East of England, the South West and Wales all saw a decline in their £1 million-plus stock, according to the research, which involved looking at the distribution of housing stock by price band and applying price movements from Savills’ prime regional index.