According to a recent industry analysis, 2023 saw a fall in property millionaire status to the tune of around 60,000 people by the end of the calendar when compared to the previous year.
This figure equates to a percentage drop of 8.3% (60,260 people) in people who can no longer refer to themselves as property millionaires, with increased mortgage costs and tough conditions in the housing market taking their toll.
However, the total has risen when compared to pre-COVID times of 2019, with an increase of 28% overall, when 2020 saw a bigger push for people looking to live away from the big city.
Head of residential research at Savills, Lucian Cook, said:
“The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings.
“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of the those whose homes crossed the £1million threshold, have, for the time being at least, become aspiring million pound homeowners once again.”
Yorkshire and the Humber had 10,978 property millionaires in 2023 – which was a 13% drop on the previous year, but a 64% increase on 2019, where London only saw a 4% loss last year and only a 10% increase over 2019.
London millionaire hotspots consisted of eight out of ten local authorities in the most desired list, with the remaining two spots going to Elmbridge and Mole valley of the South East respectively.
Lucian Cook continued:
“New one million-pound hotspots popped up across the breadth of Great Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space.
“However in 2023, prime property prices held up stronger in the capital than across the rest of the Country (-1.1% vs -4.8%), meaning London boroughs have been more easily been able to hold on to their share of £1 million property sales.”
Further reading
Purchases – Oakwood Property Solicitors
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