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There were around 60,000 fewer property millionaires across Britain by the end of 2023 than a year earlier, analysis suggests.
About 670,100 homes have a value of £1 million or more, according to property firm Savills.
The total number of property millionaires fell by 8.3% (60,260) during the year to the end of 2023, with higher mortgage costs and tougher housing market conditions having an impact.
But the total is still up by 28% (146,490) compared with 2019 – before the impacts of the coronavirus pandemic prompted a “race for space” with more people working from home and buying properties in more rural locations.
Britain’s £1 million home market is now valued at £1.32 trillion, down from £1.43 trillion in 2022, researchers said.
Increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of those whose homes crossed the £1 million threshold, have, for the time being at least, become aspiring million pound homeowners once again
Lucian Cook, Savills
Lucian Cook, head of residential research at Savills said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1 million homes outside of London and other urban settings.
“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of those whose homes crossed the £1 million threshold, have, for the time being at least, become aspiring million pound homeowners once again.”
London recorded the smallest decrease in property millionaires (4%) in 2023, followed by Scotland (5%), Savills found.
At the other end of the spectrum, Wales, the South East and East of England and Yorkshire and the Humber all recorded a 13% annual fall in property millionaires.
However, Wales (113%), as well as the North East of England (79%) and the East Midlands (79%) have seen the most significant uplifts in housing stock valued at £1 million or more since 2019.
Here are the estimated numbers of homes worth £1 million-plus across Britain in 2023 and the annual change, followed by the annual change in percentage terms, according to Savills:
– London, 330,668, minus 12,280, minus 4%
– South East, 155,085, minus 23,166, minus 13%
– East of England, 62,812, minus 9,688, minus 13%
– South West, 45,735, minus 5,918, minus 11%
– West Midlands, 19,918, minus 2,723, minus 12%
– North West, 18,848, minus 2,230, minus 11%
– Yorkshire and the Humber, 10,978, minus 1,694, minus 13%
– Scotland, 10,931, minus 550, minus 5%
– East Midlands, 8,397, minus 1,116, minus 12%
– Wales, 4,239, minus 660, minus 13%
– North East, 2,489, minus 264, minus 10%
And here are the increases in the estimated number of million pound homes compared with 2019, according to Savills:
– London, 30,570, 10%
– South East, 44,268, 40%
– East of England, 21,120, 51%
– South West, 20,441, 81%
– West Midlands, 8,017, 67%
– North West, 6,180, 49%
– Yorkshire and the Humber, 4,297, 64%
– Scotland, 4,545, 71%
– East Midlands, 3,700, 79%
– Wales, 2,250, 113%
– North East, 1,102, 79%
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