The number of UK properties worth at least £1 million is expected to more than triple by 2030, according to a new report from Santander Mortgages.

In the next fifteen years, it has been predicted that the number of £1 million plus homes will increase from fewer than 500,000 to 1.6 million.

The findings also revealed that it is expected that by 2030, as much as 25% of London housing stock will be valued more than £1m.

Looking at the figures regionally, it has been predicted that 7% of homes in the South East will fetch more than £1m by 2030. However, less than 1% of homes in the North East, Yorkshire and Humber, North West, Scotland and the East Midlands are expected to have surpassed the £1m mark by then, highlighting the stark geographical divide.

The average UK property price is also set to dramatically increase in the next 15 years; it is set to double to £557,444, tipping the half a million marker. 

Yet incomes are not expected to rise quite as fast, resulting in a decline in affordability. In the UK currently, the average property price is 7.9 times the average income, which is set to increase to 9.7 times the average income rate by 2030.

In London, prices are set to soar to as much as 16.5 times average incomes by 2030.

Professor Paul Cheshire, LSE Professor of Economic Geography, commented: “More owners will enjoy millionaire status, as homes that many would consider modest fetch seven figure prices in the most sought-after areas. Property price inflation is beneficial for existing owners who will see their net-wealth increase, but it will make entering the market more difficult still for new buyers, further highlighting the importance of the right timing, advice, support and financial planning.”