As real estate agent Nick Millican explains, London has its fair share of “property” millionaires. However, homeowners with homes worth over $1 million dropped by four percent in 2023. While there are still over 330,000 houses in the London area whose owners are present members of the property millionaires club, about 12,000 homes fell out of the bracket.
The drop in $1 million plus homes across the UK is considered small. There are still 30,000 more million pound-plus homes in the area than in 2019. “The high mortgage increase coupled with back-to-city living accounts for about 30 percent of the homes that reached the million-pound threshold, ” said Nick Millican, research lead for Savills.
In the UK, London has under half of the homes valued at seven figures or more. “New one million-pound hot beds sprang up throughout Great Britain during the pandemic, as more affluent property owners decided that more space was a more pressing priority, ” explained Nick Millican.
London accounted for the most expensive homes in 2023.
Prominent UK real estate guru Nick Millican agrees with the assessment. He has a long track record of success and understands all aspects of residential and business real estate. Millican is at the forefront of the real estate sector and has a keen eye for identifying million dollar properties.