There are now an estimated 670,100 homes valued at £1 million or more across Great Britain, according to analysis by the property firm Savills.
The total number of property millionaires fell by 8.3% (60,260) on the year to the end of 2023, although is still up 28% (+146,490) compared to 2019, with most of the movement concentrated beyond the capital.
Britain’s £1 million home market now stands at £1.32 trillion, down from £1.43 trillion in 2022.
Race for space reversed
“The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings,” comments Lucian Cook, head of residential research at Savills.
“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of those whose homes crossed the £1million threshold, have, for the time being at least, become aspiring million pound homeowners once again.”
London saw the smallest decrease in property millionaires (-4.0%) on the year, followed by Scotland (-5%).
Areas outside of London saw the most significant drop in property millionaires. But the number of £1 million homes outside of London still remains 52% higher than 2019. Wales (113%), the North East (79%) and the East Midlands (79%) have seen the most significant uplift in housing stock valued at £1 million or more over that period.
Table 1: Number of homes worth £1m+ across Great Britain
|
2023 |
1 year change |
% change |
Vs 2019 |
% change |
|
|
London |
330,668 |
-12,280 |
-4% |
+30,570 |
+10% |
|
South East |
155,085 |
-23,166 |
-13% |
+44,268 |
+40% |
|
East of England |
62,812 |
-9,688 |
-13% |
+21,120 |
+51% |
|
South West |
45,735 |
-5,918 |
-11% |
+20,441 |
+81% |
|
West Midlands |
19,918 |
-2,723 |
-12% |
+8,017 |
+67% |
|
North West |
18,848 |
-2,230 |
-11% |
+6,180 |
+49% |
|
Yorkshire and The Humber |
10,978 |
-1,694 |
-13% |
+4,297 |
+64% |
|
Scotland |
10,931 |
-550 |
-5% |
+4,545 |
+71% |
|
East Midlands |
8,397 |
-1,116 |
-12% |
+3,700 |
+79% |
|
Wales |
4,239 |
-660 |
-13% |
+2,250 |
+113% |
|
North East |
2,489 |
-264 |
-10% |
+1,102 |
+79% |
|
Total |
670,101 |
-60,290 |
-8.3% |
+146,490 |
+28% |
|
Total exclu. London |
339,432 |
-48,010 |
-12.4% |
+115,920 |
+52% |
Source: Savills Research
Prime London holds on to property millionaire crown
Separate analysis of £1 million-plus sales (TwentyCI) that took place in 2023 shows that London locations continue to dominate the £1 million map. The boroughs of Kensington & Chelsea, Westminster, Camden, Hammersmith & Fulham and Richmond Upon Thames had the highest percentage of sales over £1 million in 2023.
Indeed, London locations made up eight of the top 10 local authorities, joined by Elmbridge and Mole Valley outside of London.
“New one million-pound hotspots popped up across the breadth of Great Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space,” continued Lucian Cook.
“However in 2023, prime property prices held up stronger in the capital than across the rest of the Country (-1.1% vs -4.8%), meaning London boroughs have been more easily been able to hold on to their share of £1 million property sales.”
Table 2: Local authorities with highest % of sales over £1 million in 2023
|
Rank |
Local authority |
Region |
£1m+ agreed sales 2023 |
% of all agreed sales in LA |
|
1 |
Kensington and Chelsea |
London |
1,600 |
61.6% |
|
2 |
Westminster |
London |
1,554 |
48.6% |
|
3 |
Camden |
London |
883 |
37.8% |
|
4 |
Hammersmith and Fulham |
London |
908 |
37.0% |
|
5 |
Richmond upon Thames |
London |
849 |
31.9% |
|
6 |
Elmbridge |
South East |
759 |
29.3% |
|
7 |
City of London |
London |
43 |
26.9% |
|
8 |
Islington |
London |
684 |
26.2% |
|
9 |
Wandsworth |
London |
1,357 |
24.2% |
|
10 |
Mole Valley |
South East |
313 |
19.2% |
Source: Savills Research using TwentyCI