Owning a property worth £1 million or more was once the reserve of an elite group. But, with rising prices over the past 10 years, many more homeowners across the country have joined the club.

New research from Savills estimates that in 2016 there were 394,000 properties worth £1 million or more across the country. Despite falling back by 3.4 per cent in 2016, Savills believes this number has more than doubled over the past 10 years, driven mostly by the strong house price growth seen in and around London.

The capital accounts for almost two-thirds (250,000) of £1 million-plus homes, with a further 21 per cent (81,400) located in the south east.

The highest concentration of these are in central London boroughs: for example, almost half of all privately-owned housing stock in Kensington and Chelsea exceeds the £1 million mark. Beyond the capital, £1 million will stretch much further. It shows why those looking to upsize without significantly increasing their budget, particularly now they also face higher stamp duty rates, are likely to move further out.

The smallest £1m homes are found in Kensington and Chelsea, where this seven figure sum buys just 806 square feet. Across the river that stretches to 1,214 square feet in Wandsworth and 1,659 in Kingston.

Those migrating from central London boroughs to Oxford or Cambridge, the most popular choices, will get twice as much home for their money. Similarly, in the established commuter hotspots of Guildford and Sevenoaks, highly favoured by London migrants, buyers can expect to get a property of 1,952 square feet and 2,079 square feet respectively.

For those willing to look further afield, Mid Sussex offers around 2,482 square feet, with West Sussex as a whole offering slightly more space at just over 2,500 square feet. While in Brighton & Hove, you can get around 2,291 square feet and in Arun you can get about 2,979 square feet for your £1million.

Sophie Wysock-Wright, head of residential at Savills Haywards Heath, said: “For some time Mid Sussex and the surrounding area has represented great value for money, with a wide range of property on offer. Our latest research confirms buyers would get a lot more house for their money in Mid Sussex, particularly compared to London. Here by comparison, £1m equates to a house of around 2,400 square feet, with an excellent choice of schooling on the doorstep too. As the market balances out in the future, Mid Sussex represents good value for money, particularly those looking to upsize, and we are likely to see a continued price growth over the next few years.”

Savills is currently marketing the following properties for around £1m:

Little Cannons, Chelwood Gate, Haywards Heath - guide price £975,000 Beautifully refurbished classic Sussex-style house in a sought-after semi-rural location. Two reception rooms, garden room, kitchen, five bedrooms, three bath/shower rooms, garaging and gardens. In all, about 0.3 of an acre. Contact – Savills Haywards Heath 01444 446 000

Heather Place, Haywards Heath - guide price £975,000 Former Victorian gatehouse set in beautiful and striking landscaped gardens with a pong and woodland. Three reception rooms, kitchen/breakfast room, four bedrooms (one en suite) and two bathrooms. In all, about 1.75 acres. Contact – Savills Haywards Heath 01444 446 000

Walthurst Farmhouse, Wisborough Green, Billingshurst - £1,295,000 A charming, Grade II listed character property, which has been upgraded and renovated to a high standard throughout. With a wealth of period features, such as exposed beams and original fireplaces, this is a charming family home in wonderful rural setting. The property benefits from four bedrooms, three reception rooms and landscaped gardens

Contact – Savills Petworth, 01798 345 980