There are now an estimated 673,143 homes valued at £1 million or more across Great Britain, according to analysis by Savills.
The total number of property millionaires has fallen by -9%, or -63,500 homes, since the peak of the mini housing boom (2022).
This includes a fall of -29,400 in the past year alone.
However, there are still 29% more property millionaires than there were before the pandemic (2019).
Today, 1 in 45 homes is valued at £1 million or above, compared to 1 in 55 in 2019 and 1 in 40 in 2022.
“Unprecedented increases to property values led to a sharp rise in the number of £1 million-plus homes in the years following the pandemic, with numbers jumping 41% between 2019 and 2022 alone,” comments Lucian Cook, head of residential research at Savills.
“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.”
Scotland held on to all property millionaires in 2025
London is home to the highest number of property millionaires (340,620 or 50.6% of the total), with 1 in 11 homes in the capital valued at £1 million or more.
The South East and South West saw the biggest rise in £1 million homes during the ‘race for space’, and consequently the largest fall back below the £1 million threshold.
London, by contrast, has seen a much smaller contraction in £1 million-plus homes over the past three years.
Some 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.
The North, 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 by region (annual change)
| £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 |
Source: Savills
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The analysis shows that areas which saw sharp rises in £1 million-plus sales between 2019 and 2022 have since seen those gains unwind.
In Winchester, the share of £1 million-plus sales 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 continues: “In the wake of the pandemic, new £1 million-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.”
Constituencies with highest % of sales over £1 million in 2025
| Area | Region | % £1m+ 2025 | Change in % 2019 to 2022 | Change in % 2022 -25 |
| Kensington and Bayswater | London | 53.5% | +3.8% | -6.3% |
| Cities of London and Westminster | London | 48.4% | -2.2% | -6.0% |
| Richmond Park | London | 43.5% | +9.1% | +0.7% |
| Chelsea and Fulham | London | 43.5% | +11.9% | -4.1% |
| Hampstead and Highgate | London | 37.5% | +0.8% | -3.1% |
| Hammersmith and Chiswick | London | 32.7% | +3.6% | -2.3% |
| Islington South and Finsbury | London | 30.1% | +4.4% | +1.2% |
| Holborn and St Pancras | London | 29.4% | +1.9% | -1.6% |
| Wimbledon | London | 28.5% | +5.0% | +4.1% |
| Battersea | London | 28.5% | +3.5% | -2.6% |
Source: Savills Research using TwentyCi
Constituencies with highest % of sales over £1 million in 2025 (outside of London)
| Area | Region | % £1m+ 2025 | Change in % 2019 to 2022 | Change in % 2022 -25 |
| Harpenden and Berkhamsted | Eastern | 27.2% | +5.3% | +5.1% |
| Chesham and Amersham | South East | 23.6% | +7.8% | -0.6% |
| Esher and Walton | South East | 23.6% | +8.1% | -1.6% |
| Beaconsfield | South East | 21.1% | +6.2% | +0.5% |
| Guildford | South East | 17.1% | +7.5% | +0.1% |
| Runnymede and Weybridge | South East | 17.0% | +3.8% | -1.5% |
| Windsor | South East | 17.0% | +5.0% | -2.3% |
| Henley and Thame | South East | 16.6% | +7.4% | -0.8% |
| Sevenoaks | South East | 16.2% | +3.0% | +2.6% |
| Farnham and Bordon | South East | 15.4% | +7.5% | +0.2% |
Source: Savills Research using TwentyCi
This article is taken from Landlord Today