The number of property millionaires across Britain has shot up over the past three years as a consequence of the booming post-lockdown property market, with people placing a greater value than ever on their home and lifestyle.

Since 2019, the number of £1 million-plus homes has increased by some +40 per cent, to reach 730,390, although this is 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 to £1.43 trillion.

The so-called ‘race for space’ has meant that more than half (53 per cent) of these £1 million homes are now located outside of London. This is the highest proportion in at least 15 years.

The South West, in particular, saw a significant uplift – with the number of homes valued above £1 million having doubled (+104 per cent) since 2019, helped by a vast increase in sales over £1 million in hotspots including North Somerset (+163 per cent), East Devon (+94 per cent) and Cornwall (+86 per cent) over the past year.

However, it is Wales that saw the largest percentage increase in property millionaires – up +146 per cent on 2019. This was from a low basis, though, and it still represents the smallest percentage of one million pound properties (0.3 per cent), 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 has seen their home tip over £1 million over the past three years.

The property market is expected to slow over 2023 in response to higher interest rates and stretched affordability. While we expect the top end of the market to be less affected by pressures faced by the mainstream, it is not entirely immune to them. This suggests 2022 will be a high water mark for £1 million-plus homes for a few years at least.

As some of the lifestyle drivers ease, the current rebalancing is likely to become somewhat less pronounced, with more buyer focus returning to the capital.

As it stands, London locations still 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 the smallest percentage increase to its share of £1 million homes over the past three years, +10,454 properties tipped over the threshold in 2022, the highest absolute gain.

Overall, there are still more £1 million homes across Westminster and Kensington and Chelsea than in the North of England and Scotland combined.

Further information

Contact Lucian Cook

View all available property