One in 45 homes in Britain now worth £1m, property firm says

Around one in 45 homes across Britain is worth at least £1 million, according to estimates from a property firm.

The proportion is higher than the one in 55 homes estimated at £1 million-plus in 2019, just before the coronavirus pandemic, Savills said.

But it is lower than the one in 40 homes estimated to be worth at least £1 million in 2022.

Savills estimated there are 673,143 homes valued at £1 million or more across Britain, which is around 9% or 63,500 less than in the mini-housing boom of 2022, when the pandemic drove a “race for space” and buyers were snapping up rural and coastal properties.

Over the past year alone, the number of million-pound homes has fallen by around 29,400, according to Savills’ calculations.

Lucian Cook, head of residential research at Savills, said: “Higher mortgage costs, changing lifestyle priorities and tougher tax measures have rebalanced the market, causing pockets of growth to contract.

“More recently, additional tax burdens placed on the most prime properties, particularly in central London and across second-home hotspots, have meant that some of the most expensive neighbourhoods have experienced some of the sharpest pullbacks to values.”

Around half of million-pound properties are in London, according to the research.

The South East and South West both saw jumps in million-pound homes during the “race for space” and have subsequently seen some values falling back below the £1 million threshold, Savills said.

It estimated that 40% of South East homes that entered the £1 million-plus bracket between 2019 and 2022 have since dropped out, compared with just 15% in London.

Northern England, the Midlands and Scotland are particularly unlikely to have seen properties falling back under the million-pound threshold in the past three years, the research indicated.

Savills used Land Registry data as well as price movements in its own prime regional property index to make the calculations.

Here are the estimated numbers of homes valued at £1 million-plus in 2025 followed by the annual change, according to Savills (regional figures do not quite add up to the total for Britain as a whole due to rounding):

London, 340,620, minus 8,447

South East, 151,659, minus 8,314

East of England, 58,466, minus 5,873

South West, 40,706, minus 5,618

West Midlands, 21,662, minus 403

North West, 20,491, minus 273

Yorkshire and the Humber, 11,967, minus 233

Scotland, 11,329, 0

East Midlands, 9,188, minus 98

Wales, 4,337, minus 149

North East, 2,717, minus 30