Britain sees 60,000 fewer property millionaires in 2023, study says
In 2023, there were 60,000 fewer property millionaires across the UK compared to the previous year, according to research.
The study suggests around 670,100 homes had a value of £1 million or more, as per real estate firm Savills. The total count of property millionaires declined by 8.3% (60,260) in that year, due to increased mortgage costs and tough housing market conditions.
Yet, it was still up by 28% (146,490) when compared to 2019 - before the impacts of Covid-19 led to a "race for space", pushing people to work remotely and buy properties in more rural areas. Lucian Cook, head of residential research at Savills, commented: "The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1 million homes outside of London and other urban settings."
Mr. Cook added: "However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30% of those whose homes crossed the £1 million threshold, have, for the time being at least, become aspiring million pound homeowners once again." In the current market scenario in 2023, UK's £1 million home market is valued at £1.32 trillion, down from £1.43 trillion in 2022, researchers reported. Despite these changes, London recorded the smallest fall in property millionaires (4%) in 2023, followed closely by Scotland (5%), as found by Savills.
On the flip side, Wales, the South East and East of England, and Yorkshire and the Humber all saw a 13% annual drop in property millionaires. However, Wales (113%), the North East of England (79%) and the East Midlands (79%) have seen the most significant increases in housing stock valued at £1 million or more since 2019.
UK house prices fall again - down 3.2% from last year peak, says Nationwide
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