- There are some 670,000 homes in Britain with a price tag of at least £1million
- Savills data found number of property millionaires fell by 8.3 per cent in a year
Some of Britain’s newly-minted property millionaires have lost their £1million home-owning status, according to a leading estate agent.
The number of £1million-plus homes in Britain peaked during the pandemic property boom, but has now slipped back after the race for space fizzled out and higher mortgage rates hit the market.
Savills said that at the end of 2023 there were an estimated 670,000 homes across Britain with a price tag of at least £1million, down 60,260 – or 8.3 per cent – on the year before.
However, this is still up 28 per cent – at an increase of 146,490 – compared to 2019, with most of the movement concentrated beyond the capital.
Britain’s £1million home market now stands at £1.32trillion, down from £1.43trillion in 2022, the estate agent said.
Lucian Cook, of Savills, explained: ‘The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1million homes outside of London and other urban settings.
‘However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30 per cent of the those whose homes crossed the £1million threshold, have, for the time being at least, become aspiring million pound homeowners once again.’
London saw the smallest decrease in property millionaires last year – with a drop of 4 per cent, followed by Scotland, which was down 5 per cent.
Areas outside of London saw the most significant drop in property millionaires. But the number of £1million homes outside of London still remains 52 per cent higher than 2019.
Wales has seen an increase of 113 per cent, while the North East – where numbers are up 79 per cent -and the East Midlands – up 79 per cent – have seen the most significant uplift in housing stock valued at £1million or more over that period.
It follows separate analysis of £1million-plus sales by TwentyCI last year, which revealed that London locations continue to dominate the £1million map.
The boroughs of Kensington & Chelsea, Westminster, Camden, Hammersmith & Fulham and Richmond-Upon-Thames had the highest percentage of sales that were above £1million in 2023.
Indeed, London locations made up eight of the top 10 local authorities, joined by Elmbridge and Mole Valley outside of London.
Mr Cook added: ‘New one million-pound hotspots popped up across the breadth of Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space.
‘However in 2023, prime property prices held up stronger in the capital than across the rest of the country – down 1.1 per cent verses down 4.8 per cent – meaning London boroughs have been more easily been able to hold on to their share of £1million property sales.’
A square in the heart of Londonwas recently named as Britain’s most expensive place to live.
Mayfair’s Grosvenor Square led the Halifax annual survey of the most expensive streets in Britain, with an average price tag of £20.35million.
Heading west to the borough of Kensington and Chelsea in fashionable Notting Hill, Clarendon Road took second spot with an average price tag just shy of the £20million mark, at £19.96million.
Making up the top three – and home to world-famous luxury shopping destination Harrods – was London’s Knightsbridge, where properties cost an average £19.95million.
If a home on one of London’ priciest streets is top of the Christmas list this year, deep pockets will be needed, with the average price tag now £14.5million.
There’s nowhere quite like Grantley Hall. Not in its native Yorkshire, not in the north of England, not anywhere in the whole of the UK for that matter.
This is an ongoing project of such lavishness that apparently house prices in the area have risen by 20 per cent.
And it’s all due to Valeria Sykes who, following her divorce from the billionaire and Brexit-backer Paul Sykes, has spent an unconfirmed £100 million on saving this 17th-century mansion and turning it into a glitzy and glamorous resort hotel a few miles from Ripon.
Arriving after dark is a thrill, the driveway lit up, with the River Skell flowing beside it.
Handsome young men in tweed waistcoats greet us outside the front door — one takes the luggage (and it’s important to turn up with lots of luggage here), while another parks our car.
Then it’s a seat in the drawing room and a glass of champagne during check-in before being escorted to one of only 47 rooms (with more than 400 staff).
There are five restaurants, including Shaun Rankin’s Michelin-star outlet; a nightclub; casino; the swankiest of gyms (44 running machines, including one that’s underwater); cryotherapy chamber, Formula 1 car simulator; lifestyle consultant; indoor/outdoor pool in the Three Graces spa; a ‘snow room’; gift shop; Japanese garden and so on.
At times, it feels like Dubai. At others, it’s Claridge’s or The Dorchester — with prices to match.
Footballers and their wives come here to splash the cash, but most of the guests we meet are, like Ms Sykes, Yorkshire born and bred — and proud to have such a statement hotel in the county.
We eat in the Pan-Asian restaurant, EightyEight, in the basement of a separate building where there’s also a wedding reception area. This seems to be the brash part of the resort. Service is slow but apologies come thick and fast.
Generally, there’s quality at every turn — which makes me wonder why on earth so many paintings are fake copies of Old Masters in tinny frames. And there’s piped music almost everywhere.
Even in low season, you won’t get a room for less than £500 a night but, frankly, anyone who quibbles at the cost probably shouldn’t be here in the first place.
By A. James For Daily Mail Australia
23:24 05 Jan 2024, updated 23:28 05 Jan 2024
It was supposed to be one of the hottest property’s on The Block.
But Leah and Ash’s sprawling pad remains unsold after it was passed in during the show’s season finale in November for $2.9million.
Now after dropping the asking price from $3.2million to $3.125million, Realestate.com reports that listings for the lavish pad no longer mention The Block or the couple’s name.
Despite reports of multiple offers for the five-bedroom, four-bathroom Modern Art Deco home ahead of Christmas, the house has remained on the market.
In a strategic shift, Noel Susay, the agent from Buxton Hampton East handling the sale, confirmed to Domain a more ‘traditional campaign’.
This move comes after the post-auction period failed to secure a buyer, leading to a series of open inspections over the past weeks.
The agent also noted the challenges posed by the timing of the sale, with the year-end festive period typically seeing a slowdown in real estate transactions.
However, he remains optimistic about the shift to a traditional private sale campaign, hoping it will attract serious buyers.
Leah and Ash’s House 2 stirred up much excitement among potential bidders ahead of The Block’s auction in November.
The Block buyer’s agents predicted big things for the couple after the luxury home was listed with a price guide of $2.7million – $2.9million.
Designed as an updated version of the classic Art Deco-style, the spectacular dwelling features a spacious open plan, and expansive living areas.
Features also include a dramatic split-level dining/living room, an ultra-modern kitchen and al fresco entertainment area.
It comes after Yahoo Lifestyle reported in December that interest in the lavish retro home has ‘hit an all time low.’
A source told the publication that the longer the house sits on the market, ‘the further away an ending is in sight.’
The insider even speculated that it’s possible that the houses for the upcoming season of The Block will go under the hammer before Leah and Ash can get a buyer.