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to think £1.5m for a 3 bed house is insane?

(18 Posts)
sw12 Tue 11-Mar-14 10:04:50

People on my local mnet (http://local.mumsnet.com/Talk/local_wandsworth/2021963-Buying-a-place-at-a-good-state-school) seem to think not but surely that is crazy! How can anyone ever afford a house at that price. That means you need £150k cash for a deposit before you can even think about it.

Or AIBU to think that a 3 bed house is the sort of thing you might expect as your first property? Starts looking for studio hovelflat

HuntingforBunting Tue 11-Mar-14 10:21:37

Yabu to think that about Wandsworth, a three bed house in northholt would be more affordable if I'm a less snobby desirable area. but property prices in general are the most unreasonable thing about your post, really

ILoveWooly Tue 11-Mar-14 10:25:17

It is utter madness!

DH works in London a few days a month and we live in Scotland. If he worked there (same job) full time he would earn around 15k more a year and I would earn around £10k more a year. Even with another 25k a year we would still be miles better off living where we do... by the sea, no mortgage and our kids get into a fab local school no problem.

Our first deposit was 12k and even then it seemed like a lot!

jay55 Tue 11-Mar-14 10:40:09

There is a 2 bed end terrace with no garden(tiny roof terrace) for sale for £995,000 in my street. Last year 4beds were going for that much, property prices have gone insane. Utterly insane.

Bowlersarm Tue 11-Mar-14 10:42:08

In a way houses prices in London are crazy. But Sw12 is a fantastic area if you want to live in London, so demand will push the prices up.

TheSmallPrint Tue 11-Mar-14 10:57:04

But someone has the money otherwise they won't sell. If people don't buy at those prices then the prices come down. There is HUGE amounts of foreign investment in London which is part of the reason for the big surge in prices.

Linguini Tue 11-Mar-14 11:00:54

That's London for you.

It is not an unreasonale pricetag in the slightest for somewhere that's actually on the Thames, (even if it is the South-bank lol) Your average 3-bed property in London is insanely priced. The London property market is tainted by investors buying up properties just for the sake of investment (no intention for anyone to live in it), buy-to-let landlords buying up more than one property, the number of available housing to buy is squeezed, made pricier, the whole market is skewed in favour of the very wealthy.

It is not uncommon for property prices to increase by 10% just in a month lately in some areas of London. Some say it's the sign of another bubble.

Looked breifly myself at evern a 1-bed property at the very outer edge of London has been so dispiriting, going to consider elsewhere!

babybarrister Tue 11-Mar-14 12:18:26

It is insane. Even tho I am now an owner of such a property it does not make me happy as I am a Londoner and have no intention of selling up as I actually want to live here!

Frankly it is irrelevant if my house is worth £5 million as I am not going anywhere ...

eurochick Tue 11-Mar-14 12:20:10

I think you are being unreasonable to think of a 3 bed house as a starter home. But I agree that London house prices are insane at the moment.

Aeroflotgirl Tue 11-Mar-14 12:35:46

Housing in London is just stupid. Fifty miles out I live in naice house have a great quality of life and can commute by train into London in 40 mins. In London I would be lucky to afford a pokey studio flat in Hackney, for the price of my current home. No thanks I'll stay in Milton Keynes

babybarrister Tue 11-Mar-14 12:40:16

A house I part bought in 1995 in a very 'good' area is now worth 8 times what we paid !!!! god, I wish I had been able to stay there .....

ChaircatMiaow Tue 11-Mar-14 12:44:01

Come here to Sydney, that's pretty standard for a 3 bedder with 2 blades of grass qualifying as a garden.

<helpful>

SleepPleaseSleep Tue 11-Mar-14 12:45:32

All housing throughout the uk is crazy. As is the way rich people are allowed to own multiple houses while ordinary folks, people who would've been considered well-off 20 years ago, can't afford one. Half the cause of the problem right there.

And by saying can't afford, I mean not without taking out 100 grand debts. The amount of public debt is crazy. I'm surely not the only one who can remember when any debt was shocking, apart from a 20 grand mortgage. Now it's the norm.

msmoss Tue 11-Mar-14 12:48:10

I know it's London, but I'm convinced this is a bubble, that's not to say the London housing market isn't slightly more resilient to this than others but if I was looking to buy in London (which I'm not) I'd be seriously concerned that the peak of the market would be coming along soon.

ladypete Tue 11-Mar-14 12:48:13

I have come to accept that houses are veeeeryyy expensive in London and am somewhat shocked at the massively cheaper prices in other areas of the UK. That being said I still aim to own one one day. I don't think YABU - I have just been de-desensitised.

lainiekazan Tue 11-Mar-14 12:51:18

I was discussing this with my sister yesterday, and we were agreeing that there is going to come a point where you need a dual property market with a proportion of homes only available to British citizens (although there are still rather a lot of us!). There are so many flats in London being bought by foreign individuals under the guise of companies and not inhabited. That is criminal.

Also, if I paid £1.5m for a property (I can dream) I would like to hope that it would be a wonderful house. If I had to sell my soul for a poky terrace with no parking I would feel slightly hard done by.

Kentonian Tue 11-Mar-14 12:54:04

Somebody can afford to buy at those prices!

It seems you need to be rich to live in London otherwise you feel like a pauper. You may well live close to the theatre, posh restaurants, The 02 c but depressing if you cannot actually afford to go. I know from experience.

It is sad to know that we could not afford to buy a house anywhere in London, therefore moved to Kent. We decided against stretching ourselves in order to accomodate child care fees. The fees are equivalent to a mortgage!

babybarrister Tue 11-Mar-14 12:59:19

Well there is a tax break for residents as there is no Cgt if the house is your main residence ...

Maybe we will have to go done the Swisss route and stop non UK nationals buying ...?!

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