The number of property millionaires plummeted in East Anglia last year, amid higher mortgage costs and tougher housing market conditions. 

By the end of 2023, there were almost 10,000 fewer homes valued at £1m or more than the previous year, bringing the total number of properties in this price bracket to 62,812.

The 13pc reduction comes following a bumper few years for the local housing market.

In 2020, more million pound homes were sold in Norfolk than any other county in the UK, due to a sudden surge in demand for countryside properties during the pandemic. 

Eastern Daily Press: There was an increase in the number of million pound homes in 2020 as people looked to rural locations like BlakeneyThere was an increase in the number of million pound homes in 2020 as people looked to rural locations like Blakeney (Image: Newsquest)

Property experts said this has contributed to the seemingly large drop off over the past 12 months. 

Lucian Cook, head of residential research at Savills said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1 million 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% of those whose homes crossed the £1 million threshold, have, for the time being at least, become aspiring million pound homeowners once again.”