Savills calculated a net gain of 3,127 more properties being worth at least £1 million last year, compared with 2023, taking the total number of homes valued at this level to around 702,580, a number which has increased by 34% over the past five years.
The figures were released as a separate index from property firm Hamptons found that the average tenant moving into a new property in Britain during January 2025 saw the rent they pay rise by 1.8% compared with 12 months ago, marking the slowest rate of growth since October 2020.
Peter Daborn, director and head of residential sales at Savills in the West Midlands, said: “We see many buyers still taking advantage of flexible working and the appeal of living in the countryside is still a big draw, with London commutable in little over an hour from the likes of Stafford station.
The South East, East of England, the South West and Wales all saw a decline in their £1 million-plus stock, according to the research, which involved looking at the distribution of housing stock by price band and applying price movements from Savills’ prime regional index.
In percentage terms, the North East of England saw the biggest rise in property millionaires outside of London (a 5.5% increase), although this market still holds the smallest overall market share, the report said.
