The number of £1m-plus homes across Great Britain rose in 2024, with 3,127 properties joining the ranks of property millionaires and bringing the total to 702,580 – a 34% increase over the past five years, Savills research reveals.
One in every 42 homes in Great Britain is now valued at £1m or more, highlighting the resilience of the prime property market despite higher mortgage costs and affordability challenges.
London led the charge, adding 5,000 new £1m homes last year – pushing the capital’s total to a record 349,068. One in every 11 homes in London now holds a £1m price tag, as the return-to-work trend fuels demand for city living.
Outside London, the number of £1m-plus properties dipped slightly by 1%, but the five-year growth rate remains strong at 58% – more than three times London’s 16%.
BIGGEST JUMP
The North East saw the largest percentage increase in property millionaires outside the capital, with a 5.5% rise, though its overall share remains the smallest. Meanwhile, the West Midlands recorded the biggest jump in absolute terms, adding 918 new £1m properties in 2024.
The South East, East of England, South West, and Wales all saw a slight decline in £1m homes. However, the pace of properties slipping below the threshold has slowed since 2023, suggesting some stability returning to these markets.
With falling mortgage rates and growing confidence among second-steppers, the number of £1m homes is expected to climb further in the coming year, especially in areas with strong transport links and sought-after schools.
