One in 45 homes in Britain now worth £1m, property firm says
Why some £1m-plus UK homes are falling in value
- Around one in 45 homes across Britain is currently valued at £1 million or more, according to estimates from property firm Savills.
- This figure is an increase from one in 55 homes in 2019 but a decrease from the peak of one in 40 homes recorded in 2022.
- There are an estimated 673,143 homes worth £1 million or more in Britain, which is 63,500 fewer than during the 2022 mini-housing boom.
- The decline is attributed to higher mortgage costs, changing lifestyle priorities, and tougher tax measures on prime properties.
- Approximately half of all million-pound properties are located in London, with the South East and South West experiencing some values falling back below the £1 million threshold.
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