Number Of Property Millionaires Jumps By A Third

The number of British homes worth at least £1million has increased by 34% over the last five years, according to fresh analysis by Savills – with some 3,127 new “property millionaires” created in 2024 alone.

In total, there are now 702,580 residences valued at £1mn or more across Great Britain – which is one in every 42 homes.

In London, one in 11 homes is now worth seven figures. There are now 349,068 £1mn+ homes in the capital – a record high with the number having been significantly boosted by an unwinding of pandemic trends and a return to urban/office life.

Excluding London, the number of million-pound properties actually fell again through 2024, by -1%. Yet the five-year growth figure is still three times that of the capital (+58% Vs +16% in London). Outside of London, one in every 73 homeowners are currently property millionaires.

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.