There are now an estimated 673,143 homes valued at £1m or more across Great Britain, according to analysis by property firm Savills.
The total number of property millionaires has fallen by 9% – or 63,500 homes – since the peak of the mini housing boom in 2022, which includes a fall of 29,400 recorded just last year.
However, there are still 29% more property millionaires than there were before the pandemic in 2019.
In 2019, one in 55 homes were valued at £1m or above, which rose to one in 40 in 2022 before falling to one in 45 homes today.
Lucian Cook, head of residential research at Savills, said: “Unprecedented increases to property values led to a sharp rise in the number of £1m-plus homes in the years following the pandemic, with numbers jumping 41% between 2019 and 2022 alone.”
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He added: “But that momentum has since reversed. 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.”
Rise and fall of property millionaires
London is home to the highest number of property millionaires (340,620 or 50.6% of the total), with one in 11 homes in the capital valued at £1m or more.
The South East and South West saw the biggest rise in £1m homes during the ‘race for space’, and consequently, the largest fall back below this threshold.
London, by contrast, has seen a much smaller contraction in £1m-plus homes over the past three years.
Some 40% of South East homes that entered this bracket between 2019 and 2022 have since dropped out, compared with just 15% in London.
Meanwhile, the North, the Midlands and Scotland saw the fewest number of properties fall back under the threshold over the past three years, with Scotland being the only region to have not experienced any falls in the past 12 months.
| £1m+ homes 2025 | 1 in x | Versus 2024 | |
| London | 340,620 | 11 | -8,447 |
| South East | 151,659 | 28 | -8,314 |
| East of England | 58,466 | 49 | -5,873 |
| South West | 40,706 | 67 | -5,618 |
| West Midlands | 21,662 | 122 | -403 |
| North West | 20,491 | 169 | -273 |
| Yorkshire and the Humber | 11,967 | 214 | -233 |
| Scotland | 11,329 | 243 | 0 |
| East Midlands | 9,188 | 245 | -98 |
| Wales | 4,337 | 344 | -149 |
| North East | 2,717 | 472 | -30 |
| Great Britain | 673,143 | 45 | -29,439 |
London makes up 17 of top 20 areas
Separate Savills analysis of data from TwentyCi reveals the highest concentration of £1m-plus sales in 2025 was in central London, with 54% of all sales across the constituency of Kensington and Bayswater at that level. However, given recent pressure on prime prices, this is down from 60% in 2022.
London locations made up 17 of the top 20 areas for £1m-plus sales, joined by Harpenden and Berkhamsted, Chesham and Amersham, and Esher and Walton in its hinterland.
The analysis shows that areas that saw sharp rises in £1m-plus sales between 2019 and 2022 have since seen those gains unwind.
In Winchester, the share of sales in this bracket rose from 7.8% to 15.7% over that period, before falling back to 12.1% in 2025.
In Honiton and Sidmouth, Devon, the proportion climbed from 1.3% to 5.1%, but has since dropped to 2.3% of all sales in the area.
Cook added: “In the wake of the pandemic, new £1m-plus-plus hotspots emerged across Great Britain as buyer demand pushed the boundaries of traditionally high-value neighbourhoods.
“However there has been something of a concertina effect, with a focus back to the likes of Islington and Richmond in London, and hotspots with a short commute such as Beaconsfield and Sevenoaks.”
