The number of "property millionaires," individuals owning homes valued at over £1 million, witnessed a four percent decline in 2023, according to Savills.
Last year, a total of 12,280 homes transitioned out of the £1 million plus category, reflecting an average six percent decrease in house prices across the capital. However, London retained 330,668 houses whose owners are part of the property millionaires club.
London experienced the smallest reduction in the count of £1 million plus houses compared to other regions in the UK. Notably, there are still 30,750 more million-pound-plus houses in London than there were in 2019. Presently, London holds just under half of the houses valued at over seven figures in the UK, as house prices surged in the regions. Among the top ten boroughs with the highest-priced home sales of 2023, eight are located in London.
In 2023, Kensington & Chelsea, Westminster, Camden, Hammersmith & Fulham, and Richmond Upon Thames recorded the highest number of houses sold for over £1 million. Within prime central London, Kensington & Chelsea saw 1,600 seven-figure homes sold, and Westminster saw 1,554. Some of these transactions might have represented relative bargains, as numerous affluent owners reduced their asking prices significantly last year to entice buyers in a sluggish market.
Recent research from Hamptons revealed that individuals who purchased a house in London in the last 20 years and sold in 2023 garnered £204,190 more than their initial purchase prices.