The number of £1m-plus homes market remained resilient last year, according to property firm Savills, with 3,127 more joining the ranks of property millionaires.

In total there are now 702,580 homes valued at £1m or more across Great Britain. This represents a 34% increase on the last five-years.

In total, one in every 42 homes in Great Britain is valued at more than £1m, the latest figures show.

Lucian Cook, head of residential research at Savills, which provided the data, said: “This market returned to growth last year, after the market and prices fell from their pandemic higher in 2023. But, 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 rebalanced the market back in favour of London homeowners, with 5,000 properties crossing the £1 million threshold in 2024.

“Falling mortgage rates and improved optimism among second steppers should increase the share of £1m homes more significantly over the coming year. With commutability and good schools likely to be the key drivers for where growth is most concentrated.”

London saw the biggest increase in £1m homes, as the market continues to experience the impact of pandemic trends unwinding.

In total there are now 349,068 £1m-plus properties in London, which is a record high for the capital, making up one in every 11 homes.

Across the rest of Great Britain, the number of homes valued at £1m or more continued to dip slightly, down by -1%. Although the five-year growth figure is still three times that of London’s (58% vs 16% in London). Outside of London, one in every 73 homeowners are currently property millionaires.

In percentage terms the North East saw the biggest rise in property millionaires outside of London (5.5% increase), although this market still holds the smallest overall market share. While the West Midlands saw the biggest increase in the number of people joining the ranks of property millionaires on the year (+918).

The South East, East of England, the South West and Wales all continued to see a decline in their £1 million-plus stock. Although the number of properties falling under the threshold in those locations has slowed down since 2023.

Source: Savills research. All values have been rounded.

Peter Daborn, head of residential sales at Savills in the West Midlands, said: “The rise in million-pound homes in this part of the world is largely driven by demand, with buyers moving to the area from more expensive parts of the UK, which is naturally driving up prices.

“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 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.

“When coupled with the relative affordability in counties like Shropshire and Staffordshire, a new balance is struck, meaning families can still have the complete package of the home, lifestyle, and education they want, without increased financial burden.”