New research has found there are over 700,000 properties in Britain valued at over £1 million. This is an increase of around a third over the last five years.
If you are investment planning in Cheshire, this figure includes 20,764 properties located in the North West.
Across the country, high end real estate specialist Savills estimated a net gain of 3,127 more properties worth at least a million pounds, totalling 702,580. Overall, this represents one in every 42 homes.
Outside London, one out of every 73 properties is now worth £1 million or over. London itself has the highest number of million-pound homes, with the capital accounting for around half of the total number.
Totalling 349,068, approximately 11% of residential properties fill this category, a new record for the city. In 2024, an estimated 5,000 properties crossed the threshold. The increase is being attributed in part to a renewed demand for city living, with employers pushing office commuting over home working.
The West Midlands was one region in particular that experienced a big leap, with nearly a thousand more million-pound properties identified last year. Property analysts said that counties such as Shropshire and Staffordshire offer relative affordability, and that many buyers there benefit from being able to live in the countryside while still living within commutable reach of London.
Moreover, buyers in this bracket are also being drawn to the West Midlands catchment of high-performance public schools. The region appeals with its offer of home, lifestyle and education, without imposing any additional financial burden.
