UK towns with the most £1million-plus homes revealed

More than 730,000 homes in Britain have a price tag of at least £1 million, according to new research.

The findings show that a total of 730,390 homes have a value of at least seven figures.

It equates to 2.5 percent of all homes in the country, or one in 40 homes, data from estate agent Savills shows.

It based its research on sales prices across the property market, from HMRC, Revenue Scotland and the Welsh Revenue Authority. It also used data from TwentyCi proprietary portals.

Over the past three years, the number of homes over £1 million has increased by as much as 40 per cent.

However, the latest figure is slightly lower than a peak of more than 760,000 homes in September 2022, which was recorded during the height of the pandemic’s red-hot real estate market.

Higher price growth and increased demand for larger properties saw 41,223 properties cross the £1 million threshold by 2022. It brings the total value of the £1 million UK home market to £1.43 trillion.

Lucian Cook, from Savills, said: ‘The number of property millionaires in Britain has soared over the last three years due to a booming post-lockdown property market, with people more than ever valuing their home and lifestyle.

While we expect the top end of the market to be less affected by higher interest rates and cost-of-living pressures than the mainstream, it is not entirely immune to it. This suggests that 2022 will be a high water market for homes over £1 million for at least a few years.”

Places with the highest increase in real estate millionaires

More than half – 53 per cent – of £1 million homes are now outside London. This is the highest percentage in more than 15 years.

The South West saw homes sold above £1m double – a 104 per cent increase – since 2019.

It was helped by a huge turnover increase of more than £1million in North Somerset – up 163 per cent – East Devon – up 94 per cent – and Cornwall – up 8.6 per cent – over the last year.

Homes valued at £1 million or more now make up 2 percent of all housing stock in this market, Savills said.

However, Wales saw the largest percentage increase in real estate millionaires – a 146 per cent increase on 2019.

The region still has the smallest percentage of homes at £1 million at 0.3 per cent, accounting for just one in 293 homes.

In absolute terms, the biggest increase in the number of property millionaires has been in the South East of England, where one in 22.4 homeowners has seen a tip of more than £1 million on their home in the past three years.

Hot spots are East Sussex and Surrey

Hotspots include the Rother district of East Sussex and Epsom and Ewell in Surrey, which may partly explain this growth – with revenues increasing by over £1m by 125 per cent and 115 per cent respectively by 2022.

Elsewhere, for the first time, there are now more than 10,000 homes in Scotland worth at least £1 million, with more than half in Edinburgh.

Mr Cook added: ‘Once a London phenomenon, new million-pound hotspots have sprung up across Britain in the wake of the pandemic, as affluent homebuyers shifted their priorities in the search for more room.

“But as some of the lifestyle drivers ease, this rebalancing is likely to become a little less pronounced, with more buyer focus returning to the capital.”

London retains property millionaires’ crown

London locations continued to dominate the £1 million map, and homes valued at or above this price point now account for one in 10.6 homes in the capital.

Although London has seen the smallest percentage increase in its share of £1million homes in the last three years, 10,454 homes fell over the threshold by 2022, the highest absolute gain.

Hillingdon – up 95 per cent – and Croydon – up 81 per cent – were the London boroughs that saw the biggest £1m increase in revenue last year, albeit from a low base compared to other boroughs.

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