Savills’ recent analysis reveals that the total number of property millionaires in Great Britain has fallen by 8.3% year-on-year to the end of 2023, now standing at an estimated 670,100.
Despite this decrease, the number remains 28% higher than in 2019, indicating the lasting impact of the pandemic on property values, particularly outside of London.
The value of Britain’s £1m home market has decreased to £1.32trn from £1.43trn in 2022.
Lucian Cook, head of residential research at Savills, notes that the pandemic-induced “race for space” led to a sharp increase in £1m homes outside urban areas.
However, rising mortgage costs and a shift back to city living have seen many homes dip below the £1m mark.
London experienced the smallest reduction in property millionaires, with only a 4.0% decrease, followed by Scotland with a 5% reduction.
Conversely, regions outside London saw more significant drops but still recorded a 52% increase compared to 2019.
Notably, Wales, the North East, and the East Midlands saw the largest increases in £1m or more valued housing stock over this period.
Further, separate analysis of £1m-plus sales in 2023 indicates that London continues to dominate the high-value property market.
Boroughs like Kensington & Chelsea, Westminster, and Camden had the highest percentage of sales over £1m.
London locations constituted eight of the top 10 local authorities for such sales, joined by Elmbridge and Mole Valley outside of London.
Cook added: “New one million-pound hotspots emerged across Great Britain post-pandemic as affluent buyers sought more space.
“However, in 2023, prime property prices were more resilient in the capital than elsewhere in the country, allowing London boroughs to maintain a significant share of £1m property sales.”
