A significant 689,189 residential properties in Great Britain are now worth more than £1 million – the equivalent to one in 42 homes, or 2.4 per cent of all housing stock.

The number of £1 million homes is up 22 per cent or +125,928 since the end of 2020, surpassing the 2015 high point of 608,565 for the first time. Now, the total value of £1 million-plus homes is £1.356 trillion.

This marked increase has largely been brought about by a pandemic-induced reassessment of housing needs and the ability to lock into low interest rates, turbocharged by a stamp duty holiday. House prices rose by an average 9.7 per cent in the year to January, which created 125,928 new property millionaires in the past year, according to our research.

Interactive map - percentage of homes over £1 million by local authority

Property millionaires shoot up across all regions 

London locations continue to dominate the £1 million map (above), accounting for almost half (48 per cent) of all homes in this value bracket. This is the equivalent of one in every 11 homes in the capital.

However, this is no longer just a London phenomenon. The pandemic race for space has also pushed up prices in suburbs, villages and provincial market towns across the country. The number of property millionaires rose by 63 per cent in Wales, 49 per cent in the East Midlands and 36 per cent in the southeast of England.

Scotland now has 9,820 property millionaires, the equivalent of 1 in 270 homes — an increase of 31 per cent in the past year.

In absolute terms, the largest increase in the number of property millionaires has been in the south-east of England, where 44,484 homeowners saw the value of their home tip over £1 million – a 36 per cent rise.

Elmbridge crowned top million pound hotspot outside the capital 

Some of the greatest increases in property millionaires are in places where there were few £1 million-plus properties. In Rother, East Sussex, there has been a 74 per cent rise in £1 million properties, although they make up just 1.8 per cent of all homes (861).

The majority of homes with a price tag of £1 million or more outside London can be found in Elmbridge, Surrey. 36.9 per cent of all homes are now worth over £1 million – up by +5,443 to 21,487 in 2021.

Further information

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