The UK has continued to see strong growth in the number of £1m-plus houses, with 3,127 homes reaching the million-pound milestone last year, Savills data shows. This means that Great Britain now has a total of 702,580 property millionaires, a rise of 34% over the last five years.
A Shifting Market Landscape
Even with economic ups and downs and increasing borrowing costs, one in 42 UK homes is now worth more than £1m. Although pandemic-fueled rural and suburban expansion has slowed, the return-to-work trend has rekindled demand for city living, especially in London.
Lucian Cook, Savills' Residential Research Head, said: "After a period of price correction, the £1m market started growing again in 2024. However, affordability constraints have kept the gains outside the capital back, whereas 5,000 new £1m houses joined the capital's market last year."
London Leads the Surge
London experienced the largest rise in million-pound homes, to a record 349,068 properties, or one in every 11 homes in the capital. Regional growth was led by the North East, which rose by 5.5%, while the West Midlands gained 918 property millionaires due to demand from buyers relocating in from more expensive areas.

Investment Opportunities
Hot Spots in Demand – Reclaiming fashion among city centres could see investors turn a profit by concentrating on London and well-linked commuter belt towns.
Sliding Mortgage Rates – Cutting rates recently could tempt more buyers, placing more pressure on high-price homes.
The Education Gap – Good schools are still behind demand in places such as the West Midlands, where housing is relatively affordable in comparison to London.
What's Next?
As second-stepper confidence rises and mortgage rates ease, £1m property levels will rise and rise. Long-term capital growth seekers will want to watch for local patterns, particularly in commuter belt locations with strong demand drivers.
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