The number of properties valued at over £1 million across Britain has surged by around 34% in the past five years, according to new research by property firm Savills. The latest figures indicate that one in every 42 homes in Britain is now in the million-pound bracket.
Savills reported a net increase of 3,127 properties crossing the £1 million mark in 2024 compared to the previous year. This brings the total number of homes valued at £1 million or more to approximately 702,580.
London Leads the Growth
London has seen the most significant rise in million-pound properties, with one in every 11 homes in the capital now worth at least £1 million. The city reached a record high of 349,068 such properties last year.
Regional Disparities in Property Value Growth
While London saw growth, other regions experienced a decline. Excluding the capital, the number of £1 million homes across Britain actually fell by 1% in 2024.
Lucian Cook, head of residential research at Savills, attributed the mixed growth to higher mortgage costs and affordability constraints. “The market has rebalanced in favor of London homeowners due to increased demand for city living driven by the return-to-office trend. As a result, 5,000 properties in London crossed the £1 million threshold in 2024,” he said.
Outside London, one in every 73 homes is valued at £1 million or more. The North East of England recorded the highest percentage increase in property millionaires outside London, with a 5.5% rise. However, the region still holds the smallest market share overall. The West Midlands also saw significant growth, with 918 additional million-pound properties last year.
The Impact of Lifestyle Trends and Schooling Costs
Peter Daborn, director and head of residential sales at Savills in the West Midlands, highlighted lifestyle changes as a key factor influencing property values. “Many buyers are leveraging flexible working options and moving to the countryside while maintaining easy access to London. Recent changes in school fees have also impacted the market, with families relocating to areas like Shropshire and Staffordshire to take advantage of quality education at a lower cost,” he explained.
Decline in Million-Pound Properties in Some Regions
The South East, East of England, South West, and Wales all saw a decline in the number of £1 million-plus properties, according to Savills’ analysis. These findings were based on price movements from Savills’ prime regional index.
Rental Market Trends
A separate study by property firm Hamptons found that the average rent for new tenants in Britain increased by 1.8% in January 2025 compared to the previous year. This marks the slowest rate of rent growth since October 2020. Meanwhile, tenants renewing their leases saw their rents rise by 6% annually, with the average monthly rent for new lets at £1,372 and renewals at £1,263.
Aneisha Beveridge, head of research at Hamptons, commented on the rental trends: “What happens to rents on newly-let properties typically reflects in renewal rents 18 months later. We expect smaller increases for renewing tenants in 2025 compared to 2024.”
Number of £1 Million Homes by Region
According to Savills, the number of million-pound properties in various regions in 2024 was as follows:
- London: 349,068 (+5,202)
- South East: 159,973 (-1,902)
- East of England: 64,339 (-1,320)
- South West: 46,324 (-1,527)
- West Midlands: 22,065 (+918)
- North West: 20,764 (+834)
- Yorkshire and the Humber: 12,200 (+522)
- Scotland: 11,330 (+11)
- East Midlands: 9,286 (+348)
- Wales: 4,485 (-100)
- North East: 2,746 (+142)
