Overview
- Savills estimates 673,143 homes across Britain are valued at £1 million or more, roughly one in 45 and about 9% below the 2022 peak.
- The count declined by about 29,400 in the past year as post-pandemic rebalancing continued.
- London still accounts for about half of these properties, with an estimated 340,620 homes at £1 million or above.
- Areas that swelled during the pandemic ‘race for space’ have retrenched, with around 40% of South East entrants since 2019 dropping back below £1 million compared with 15% in London.
- Savills attributes the pullback to higher mortgage costs, shifting buyer priorities and added tax burdens on prime and second-home markets, using Land Registry data and its own prime index to compile the figures.