One in 45 homeowners is now a property millionaire, according to analysis by the property firm Savills.

There are now an estimated 673,143 homes valued at £1 million or more across Great Britain, Savills found.

The total number of property millionaires has fallen by -9%, or -63,500 homes, since the peak of the mini housing boom in 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 in 2019. Today, one in 45 homes is valued at £1 million or above, compared to one in 55 in 2019 and one in 40 in 2022.

Savills head of residential research Lucian Cook said: “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.

“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 one 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.

Four in 10 (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.

Table 1: £1m+ homes by region (annual change)

Source: Savills

Richmond and Sevenoaks buck the trend

Separate Savills analysis of data from TwentyCI reveals the highest concentration of £1 million-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.

Indeed, London locations made up 17 of the top 20 areas for £1m+ sales, joined by Harpenden & Berkhamsted, Chesham & Amersham, and Esher & Walton in its hinterland.

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 added: “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.”

Table 2: Constituencies with highest % of sales over £1 million in 2025

Source: Savills Research using TwentyCi

Table 3: Constituencies with highest % of sales over £1 million in 2025 (outside of London)

Source: Savills Research using TwentyCi