Million-pound homes across Britain have surged by 34 per cent over the past five years, according to new research from Savills.
The property firm estimated there are now approximately 702,580 homes valued at £1million or more throughout the country.
Last year alone saw a net gain of 3,127 properties crossing the million-pound threshold compared to 2023. This means one in every 42 British homes now carries a seven-figure valuation.
The increase has been particularly notable in regions outside the traditional property hotspots, with significant growth in the North East and West Midlands.
Over 700,000 homes are now valued at £1million-plus
PAArea/Number of million-pound properties in area
London: 349,068
South East: 159,973
East of England: 64,339
South West: 46,324
West Midlands: 22,065
North West: 20,764
Yorkshire and the Humber: 12,200
Scotland: 11,330
East Midlands: 9,286
Wales: 4,485
North East: 2,746
The North East of England recorded the largest percentage increase in million-pound homes outside London, with a 5.5 per cent rise.
Scotland now has an additional 348 properties valued at £1million-plus, bringing the total in the country to 11,330.
The West Midlands added 918 more million-pound properties last year. This regional shift reflects changing buyer priorities post-pandemic.
Director and head of residential sales at Savills in the West Midlands, Peter Daborn said: "The recent changes to school fees are also having an impact on the region's property market, with more buyers driven to the West Midlands to take advantage of the abundance of highly regarded public schools on offer."
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One in every 42 British homes now carries a seven-figure valuation
GETTYHead of residential research at Savills Lucian Cook, said: "Growth has been limited by higher mortgage costs and stretched affordability, further reducing some of the gains made over the course of the pandemic in suburban and rural areas.
"However, increased demand for city living driven by the return-to-work movement has re-balanced the market back in favour of London homeowners, with 5,000 properties crossing the £1million threshold in 2024."
London continues to dominate the million-pound property landscape, with a record high of 349,068 homes valued at £1million-plus.
In other property news, homeowners have been told how to add up to "£73,000" to the value of their property.
