There are now 730,390 homes valued at £1 million or more across Great Britain, according to recent research.
This is the equivalent to one in every 40 homes, or 2.5 per cent of all housing stock.
Over the past three years, the number of £1 million-plus homes has increased by some 40 per cent, according to property agent Savills.
This is however slightly down from a peak of over 760,000 homes in September 2022 during the height of the pandemic-induced property boom.
Higher price growth and increased demand for larger properties saw 41,223 properties cross over the £1 million threshold in 2022.
This brings the total value of Britain’s £1 million home market is now valued at £1.43 trillion, says Lucian Cook, head of residential research at Savills.
“The number of property millionaires across Great Britain has shot up over 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 £1 million-plus homes for a few years at least.”
More than half (53 per cent) of £1 million homes are now located outside of London. This is the highest proportion in at least the past 15 years.
The east of England saw an increase of 74 per cent, with some 72,500 homes now valued at over £1 million.
The south west saw the number of homes above £1 million double since 2019, helped by a vast increase in sales over £1 million in North Somerset, East Devon and Cornwall over the past year.
Homes valued at £1 million or above now make up two per cent of all housing stock in this market.
However, Wales saw the largest percentage increase in property millionaires – up 146 per cent on 2019.
But, this region still accounts for the smallest percentage of one million pound properties (0.3 per cent), accounting for just one in every 293 homes.
“Once a London phenomenon, new one million-pound hotspots have up across the breadth of Great Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space” he continues.
“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.”