More than 730,000 homes in Britain have a price tag of at least £1million, according to new research.
The findings reveal that a total of 730,390 properties have a value of at least seven figures.
It is equivalent to 2.5 per cent of all the homes in the country, or one in every 40 homes, the data from estate agents Savills highlights.
It based its research on sold prices from the whole of the property market, from HMRC, Revenue Scotland and the Welsh Revenue Authority. It also used property portals data from TwentyCi.
Seven-figure: Savills looked at the increase in £1million-plus homes throughout Britain during the past year, with 41,223 properties crossing over the £1million threshold in 2022
In the past three years, the number of £1million-plus homes has increased by an eye-watering 40 per cent.
However, the latest figure is slightly down from a peak of more than 760,000 homes in September 2022, which was recorded during the height of the pandemic’s red hot property market.
Higher price growth and increased demand for larger properties saw 41,223 properties cross over the £1million threshold in 2022. It brings the total value of Britain’s £1million home market to £1.43 trillion.
Lucian Cook, of Savills, said: ‘The number of property millionaires across Britain has shot up in the past three years, as a consequence of 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 £1million-plus homes for a few years at least.’
Places with the biggest rise in property millionaires
More than half – 53 per cent – of £1 million homes are now located outside of London. This is the highest proportion in more than 15 years.
The South West saw the number of homes sold above £1million double – up 104 per cent – since 2019.
It was helped by a vast increase in sales over £1million in North Somerset – up 163 per cent – East Devon – up 94 per cent – and Cornwall – up 8.6 per cent – in the past year.
Cornwall (pictured: St Ives) has seen sales of £1million-plus properties increase by 8.6% during the past year
Savills also identified the local authorities with the most £1million-plus sales, with North Somerset leading the way
Homes valued at £1million or above now make up 2 per cent of all housing stock in this market, Savills said.
However, Wales saw the largest percentage increase in property millionaires – up 146 per cent on 2019.
The region still has the smallest percentage of £1million homes at 0.3 per cent, accounting for just one in every 293 properties.
In absolute terms, the largest increase in the number of property millionaires has been in the South East of England, where one in every 22.4 homeowners has seen their home tip over £1million in the past three years.
Hotspots include the district of Rother in East Sussex (pictured: Rye) where sales above £1million increased by 125% last year
Hotspots include East Sussex and Surrey
Hotspots include the Rother district of East Sussex, and Epsom and Ewell in Surrey, which can partly account for this growth – with sales above £1million increasing by 125 per cent and 115 per cent respectively in 2022.
Elsewhere, there are now more than 10,000 homes in Scotland worth at least £1million for the first time, over half of which are in Edinburgh.
Mr Cook added: ‘Once a London phenomenon, new one million-pound hotspots have sprung up across the breadth of Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space.
‘But as some of the lifestyle drivers ease, this rebalancing is likely to become somewhat less pronounced, with more buyer focus returning to the capital.’
What’s for sale in the property millionaire hotspots?
Hotspots include the Rother district of East Sussex, and Epsom and Ewell in Surrey, where sales above £1million increased by 125 per cent and 115 per cent respectively in 2022.
This four-bedroom detached house in the village of Brightling, (scroll down for more details, pictured left) is in the Rother district of East Sussex. It is currently on the market for £1.5million and is being sold by Freeman Forman estate agents.
It is followed by detached house in Surrey’s Epsom (pictured right) which is for sale for £1.65million via V&H Homes. The property has five bedrooms and four bathrooms.
Property millionaire hotspots include the Rother district of East Sussex (pictured left: four-bed detached house for sale for £1.5million is in the village of Brightling, in the Rother district of East Sussex), and Epsom and Ewell in Surrey (pictured right: five-bed detached house in Surrey’s Epsom is for sale for £1.65million )
London retains property millionaire crown
London locations continued to dominate the £1million map, and homes valued at and above this price point now account for one in every 10.6 homes in the capital.
Although London has seen has seen the smallest percentage increase to its share of £1million homes in the past three years, 10,454 properties tipped over the threshold in 2022, the highest absolute gain.
Hillingdon – which is up 95 per cent – and Croydon – which is up 81 per cent – were the London boroughs that saw the largest increase in £1million sales in the past year, albeit from a low base relative to other boroughs.
Overall, there are still more £1million homes across Westminster and the Kensington and Chelsea than in the North of England and Scotland combined.
London’s Hillingdon sees largest rise in £1million property sales
This three-bedroom house in North Hillingdon, Middlesex, is for sale for £1,075,000
London locations continue to dominate the £1million property map.
Hillingdon is the London borough that saw the largest increase in £1million sales in the past year.
This three-bedroom detached house in North Hillingdon, Middlesex, is for sale for £1,075,000 via Gibbs Gillespie estate agents.
It has plenty of space, with a large driveway, a garage and three bedrooms. And it has good transport links, being within easy reach of Hillingdon London Underground station.