Drivers flocking to buy private number plates has caused the market to now be worth almost £290million a year, according to new DVLA figures.
Data obtained through a Freedom of Information request showed personalised registrations generated £289million in 2024/25 through auctions, fixed-price sales and transfer fees.
The figures, revealed by premium car retailer Stratstone, also showed more than 9.4 million private plates have been sold by the DVLA since official auctions began in 1989.
Demand for personalised plates has surged over the past decade, with millions of drivers willing to spend thousands to secure unique registrations.
The data found that auction sales alone almost doubled in value over the last 10 years, rising from £24.7million in 2015/16 to £44million in 2024/25.
Meanwhile, transfer fees, which are paid when plates are moved between owners, climbed from £94.8million to £133.6million during the same period.
Fixed-price online sales also jumped significantly, increasing from £77.5million to £111million.
The figures have now suggested that drivers' appetite for personalised registrations continues to grow despite wider economic pressures.
A spokesperson for Stratstone said: "The data shows that the UK's obsession with personalised plates is not just cultural – it's a serious and growing market that's quickly closing in on 10 million private plates.
"The pandemic figures showing that Brits bought more personalised plates than ever before are striking. Plus, the buoyant secondary resale market tells you that for many buyers, a personalised plate is an appreciating asset that's as much an investment as it is a statement."
The research also revealed a major boom during the Covid pandemic. During 2020/21, fixed-price online sales jumped by 55 per cent compared with the previous year, rising from 393,237 sales to more than 608,000.
Auction revenues also increased during the pandemic, climbing from £30million to £35million, while transfer fee income rose from £106million to £121million.
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Experts explained that lockdown spending and increased online shopping may have helped fuel the surge. The figures also highlighted the huge sums being paid for rare registrations.
The most expensive private plate ever sold by the DVLA was "25 O", which fetched £400,000 at auction in November 2014. The second-highest sale was "1 D", which sold for £285,000 in 2009, according to reports.
The FOI detailed how every registration purchased in the top 20 most expensive plates was sold for six-figure sums. Many of the highest-value registrations are extremely short combinations, which are often seen as more desirable and exclusive.
However, one standard-style registration also made the top 20 list. "KR15 HNA" sold for £180,000 in May 2015 despite following the format of a normal UK plate.
The data suggested demand for premium plates has accelerated in recent years, with almost half of the top 20 most expensive registrations sold during the 2020s.
But the market has commanded huge money from the beginning. The plate "1 A" sold for £160,000 in December 1989, the first year DVLA auctions were introduced.
The research also found a major difference between auction sales and fixed-price registrations sold online. The most expensive plate sold through the DVLA's fixed-price website was "HU57 LER", which sold for £4,999 in 2012.
Every other registration in the online top 20 sold for exactly £3,999, this compares with hundreds of thousands of pounds being spent at auction for rare plates.
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