‘Race for space’ has created more property millionaires - claim

The number of property millionaires in Great Britain has “shot up,” with one in 40 homes now valued at £1m or more.

Research by agency brand Savills suggests there are now 730,390 homes valued at £1m or more,  equivalent to one in every 40 homes, or 2.5% of all housing stock.

Over the past three years, Savills said, the number of £1m-plus homes has increased by some 40%, however this slightly down from a peak of more than 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 £1m threshold in 2022, according to the research.

This brings the total value of Britain’s £1m home market is now valued at £1.43 trillion.

More than half of £1m homes are now located outside of London, said Savills, the highest proportion in at least the past 15 years.

The South West has seen the number of homes sold above £1m double since 2019, helped by an increase of sales in  North Somerset, East Devon and Cornwall over the past year.

Wales saw the largest percentage increase in property millionaires – up 146% on 2019.

But this region still accounts for the smallest percentage of one million pound properties at 0.3% or just one in every 293 homes, the Savills research said.

Lucian Cook, head of residential research at Savills, said: “The number of property millionaires across Great Britain has shot up over the past three years, as a consequence a booming post-lockdown property market, with people placing a greater value than ever on 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 them. 

“This suggests 2022 will represent a high water market for £1m+ homes for a few years at least.”