New data confirms a sharp rise in £1 million+ homes across the country. Fresh analysis reveals that one in every 42 homes in Great Britain is now worth at least £1 million, with London leading the way, where one in 11 homes has now reached this threshold.
Surge in Property Millionaires
The number of homes valued at £1 million or more has increased by 34% over the past five years, with 3,127 new "property millionaires" created in 2024 alone. This brings the total number of £1 million+ homes in Great Britain to 702,580. London remains the epicentre of high-value property growth, now accounting for 349,068 £1 million+ homes, the highest on record. The capital's prime market has been buoyed by a return to urban living and increased demand from buyers and investors who had previously sought more suburban or rural locations during the pandemic.
Regional Breakdown: Where Are Britain’s Million-Pound Homes?
Despite London’s dominance, some regional markets have also seen notable increases in £1 million+ homes:
| Region | £1mn + Homes | % of Market | 1 in X Homes | 1-Year Change | 5-Year Change |
| London | 349,068 | 9.2% | 1 in 11 | 5,202 | 48,970 |
| South East England | 159,973 | 3.9% | 1 in 26 | -1,902 | 49,157 |
| East of England | 64,339 | 2.3% | 1 in 44 | -1,320 | 22,647 |
| South West | 46,324 | 1.7% | 1 in 58 | -1,527 | 21,030 |
| West Midlands | 22,065 | 0.8% | 1 in 118 | 918 | 10,165 |
| North West | 20,764 | 0.6% | 1 in 164 | 834 | 8,096 |
| Yorkshire and Humber | 12,200 | 0.5% | 1 in 206 | 522 | 5,518 |
| Scotland | 11,330 | 0.4% | 1 in 239 | 11 | 4,944 |
| East Midlands | 9,286 | 0.4% | 1 in 237 | 348 | 4,589 |
| Wales | 4,485 | 0.3% | 1 in 330 | -100 | 2,496 |
| North East | 2,746 | 0.2% | 1 in 461 | 142 | 1,360 |
| Total Great Britain | 702,580 | 2.4% | 1 in 42 | 3,127 | 178,971 |
| Total (Excluding London) | 353,514 | 1.4% | 1 in 73 | -2,075 | 130,001 |
Why Have £1 Million+ Homes Increased?
Several factors have contributed to this surge:
- A post-pandemic return to city living: London’s property market rebounded as professionals moved back for work and lifestyle reasons.
- Falling mortgage rates and renewed buyer confidence: Improved affordability has helped push more properties past the £1 million mark.
- Strong regional demand: While London saw a 16% increase over five years, other areas such as the North East (+58%) and West Midlands (+46%) recorded even higher growth, as buyers sought more space and value outside the capital.
- Premium locations maintaining their appeal: Areas with top schools, excellent transport links, and desirable lifestyle amenities continue to command premium prices.
Outlook for 2025: More Growth to Come?
With mortgage rates stabilising and optimism returning to the housing market, the share of £1 million+ homes is expected to grow further in 2025. Demand remains strong in key commuter towns, high-value city suburbs, and established prime locations. At Winkworth, we have expert insight into London's evolving property market. Whether you’re looking to buy, sell, or invest in high-value real estate, our team is here to help you navigate market trends and find the best opportunities. Get in touch today to discuss your property goals.
