By Jayne Dowle.
Beyond Prime London: Where Britain’s Wealthiest Homeowners Are Buying
New research from Savills, combining 2021 census data with a decade of Land Registry house price records, offers a revealing picture of where high-earning professionals — managers, directors, senior officials and those in professional occupations — are concentrated across England and Wales, and how that concentration correlates with house price growth.
The Established Wealth Hotspots
Unsurprisingly, four London boroughs sit at the very top of the table for concentration of high-earning residents: the City of London (65% high-earning residents, average house price £828,113), Richmond upon Thames (55%, £976,160), Kensington and Chelsea (54%, £2,409,454) and Westminster (53%, £1,746,404).
Each of these markets draws wealth for distinct reasons. Kensington and Chelsea remains one of London’s most consistently high-value boroughs, with enduring domestic appeal alongside strong interest from American buyers, while Westminster’s high-income base spans a wider demographic, encompassing both Belgravia and Mayfair and drawing strong interest from Middle Eastern buyers and newer sources of wealth. The City of London has been buoyed by office-to-residential conversions creating desirable pied-à-terres, while Richmond continues to appeal as a classic family choice between city and countryside.
Cambridge stands out as the fifth-highest concentration of high earners nationally, with 53% of homeowners in the high-income bracket — matching Westminster’s proportion — despite an average house price of £557,714, less than a third of Westminster’s figure. Much of this growth reflects an ongoing shift of London-based buyers relocating for schooling, lifestyle and the flexibility of hybrid working, aided by a rail journey to London of just over an hour.
Prime London’s Own Supply Problem
The pressures shaping outer and regional markets are closely linked to constraints much closer to home. As Black Brick Managing Partner Camilla Dell explains, a lack of available stock in well-established, family-oriented London neighbourhoods is pushing buyers further afield:
“The £2 million-plus market in Dulwich suffers from severely restricted supply, with many people staying for 20 to 30-year periods without moving.”
This dynamic — long-term owners with little incentive to sell, set against consistently strong buyer demand — helps explain why family buyers are increasingly willing to look beyond their first-choice neighbourhoods, whether that means outer London boroughs or further afield entirely.
The Fastest-Growing Wealth Markets
Beyond London and the South East, Savills highlights several areas where high-earner concentration and house price growth are rising fastest. Trafford in Greater Manchester — encompassing Altrincham, Hale, Hale Barns and Bowdon — tops this category, with 44% of residents in high-earning roles, a 28% rise over the past decade, and a corresponding 73% increase in average house prices to £417,306. Local demand here is notably driven by entrepreneurs and business owners, reflecting a broader concentration of self-employed wealth creation in the North West.
Outside London, the South East and Cambridge, Rushcliffe in Nottinghamshire — centred on West Bridgford — has the highest concentration of high-earning households at 47%, though average prices remain comparatively modest at £346,302, with strong local schools and proximity to Nottingham city centre driving demand. Cardiff has also seen significant gentrification, with high-earning residents rising 19% since 2011 to 37% of the population, helped by improved rail links to London and strong demand in suburbs such as Llandaff, Penarth and Cyncoed.
Areas With Room to Grow
Savills also identifies a number of areas where high-earner concentration remains below 25% but is rising steadily, suggesting longer-term potential. Northeast Lincolnshire has seen high-earner numbers rise 13% over the past decade, supported by investment in offshore wind, freeport status and government regeneration funding, while Bolsover in Derbyshire and Walsall in the West Midlands have seen similar rates of increase. Exeter is also highlighted as one to watch, with high-earning homeowners up 25% in a decade to 34% of the resident population — raising the question of whether it could see the kind of sustained price growth seen in Bristol over the past ten years.
Our Take
This research reinforces a pattern we see consistently in our own work advising prime London buyers: constrained supply in established, family-friendly neighbourhoods is a powerful driver of demand elsewhere, whether that’s an adjacent London borough or a well-connected regional city. As hybrid working continues to loosen the link between home and workplace, we expect this trend of high-earning buyers exploring a wider geography to continue.
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