Half of the capital’s £1 million plus homes are concentrated in just three boroughs
The number of property millionaires in London has reached a record high of nearly 350,000, reflecting a rebound in city living's appeal. In the past year, 5,202 London homeowners joined this elite group, though this figure is half of 2023's numbers. Of the 103 UK electoral wards with average house prices of £1 million or more, 67 are in London, concentrated in Kensington & Chelsea, Westminster, and Camden. While London outperformed the rest of the UK, where £1 million homes decreased by 1%, the five-year growth rate outside London (58%) tripled that of the capital (16%). Lucian Cook of Savills attributed this shift to higher mortgage costs and reduced affordability in suburban areas, alongside increased demand for city living driven by the return-to-work trend.
