1 in 40 homes now valued £1 million or more, according to Savills

Savills says that over the past three years, the number of £1 million-plus homes has increased by some +40%, however this slightly down from a peak of over 760,000 homes in September 2022 during the height of the pandemic induced property boom.

Higher price growth and increased demand for larger properties saw 41,223 properties cross over the £1 million threshold in 2022. This brings the total value of Britain’s £1 million home market is now valued at £1.43 trillion.

Locations with the biggest increase in property millionaires

More than half (53%) of £1 million homes are now located outside of London. This is the highest proportion in at least the past 15 years.

The South West saw the number of homes above £1 million double (+104%) since 2019, helped by a vast increase in sales over £1 million in North Somerset (+163%), East Devon (+94%) and Cornwall (+86%) over the past year. Homes valued at £1 million or above now make up 2% of all housing stock in this market. 

However, Wales saw the largest percentage increase in property millionaires – up +146% on 2019. But, this region still accounts for the smallest percentage of one million pound properties (0.3%), accounting for just one in every 293 homes. 

In absolute terms, the largest increase in the number of property millionaires has been in the South East of England, where one in every 22.4 homeowners have seen their home tip over £1 million over the past three years. Hotspots Rother in East Sussex, and Epsom and Ewell in Surrey can partly account for this growth – with sales above £1 million increasing by +125% and +115% in 2022.

Elsewhere, there are now over 10,000 homes in Scotland worth over £1 million for the first time, over half of which are in Edinburgh.

Table 1: Number of £1m+ homes across Great Britain

Source: Savills Research

London retains property millionaire crown

London locations continued to dominate the £1 million map, and homes valued at and above this price point now account for one in every 10.6 homes in the capital.

Although London has seen has seen the smallest percentage increase to its share of £1 million homes over the past three years, it’s seen +10,454 properties tip over the threshold in 2022, the highest absolute gain. Hillingdon (+95%) and Croydon (+81%) were the London boroughs which saw the largest increase in £1 million sales over the past year, albeit from a relatively low base relative to other boroughs.

Do many of the lenders offer £1 million mortgages?

Trinity Financial's brokers consistently arrange £1 million+ mortgages for wealthier clients purchasing those special properties. 

More of the high street mortgage lenders offer larger loans and they typically provide cheaper mortgages than the private banks. They also do not require any assets under management and they provide fast mortgage offers.   

Call Trinity Financial on 020 7016 0790 to secure a £1 million mortgage or book a consultation 

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

The information contained within was correct at the time of publication but is subject to change.