A significant 689,189 residential properties in Great Britain are now worth more than £1 million – the equivalent to one in 42 homes, or 2.4 percent of all housing stock.

The number of £1 million homes is up 22 percent or +125,928 since the end of 2020, surpassing the 2015 high point of 608,565 for the first time. Now, the total value of £1 million-plus homes is £1.356 trillion.

This marked increase has largely been brought about by a pandemic-induced reassessment of housing needs and the ability to lock into low-interest rates, turbocharged by a stamp duty holiday. House prices rose by an average 9.7 percent in the year to January, which created 125,928 new property millionaires in the past year, according to our research.