With its positive year-on-year growth, London outshone the rest of the country, where the number of £1 million homes actually fell one per cent, to 702,600, making one in every 73 homeowners outside London a property millionaire.
But looking back further the five-year growth figure for number of property millionaires outside London (58 per cent) is three times that of the capital’s (16 per cent).
The number of property millionaires in London hit a record high at almost 350,000 as property trends that emerged during the pandemic start to unwind.
“However, increased demand for city living driven by the return-to-work movement has rebalanced the market back in favour of London homeowners, with 5,000 properties crossing the £1 million threshold in 2024.
In the course of the past year, 5,202 London homeowners saw themselves promoted to the property millionaire league, half the number seen in 2023.
