If your house is worth £1m+....

[cumlaude]

Where I live, SW London, there are rows upon rows upon rows of streets of average looking terraced houses worth £1m+

I can't imagine everyone living in these houses earns the £200k single income, or two people earning £100k each, to secure such a large mortgage plus a very hefty deposit.

So if you live in a house worth £1m+ how did you afford it? Did you ride the London property wave, inherit some money, or just earn loads?

FWIF I'm a renter in a share house and I'll NEVER be able to afford to buy in the area I currently live.

(Also a prolific name changer on MN in case anyone starts yelling at me that it's my first post!)

Many people where I live own £1+ million houses, it's not unusual

Bought a 33k flat in the 1990s and traded up twice. Have never had a large mortgage and can’t even afford the stamp tax to downsize! It’s nuts and while I appreciate our massive luck I don’t like living alongside folks with so much more disposable income.

@Goforitgirl I think for me it's knowing that there will be a decent inheritance for my children.
I don't feel I live in a "fancy" house and certainly not rich. Need the size because we have a large family

@fridgepants I'd prefer to stay up north!

Goforitgirl, my 1M+ house is in a ‘cheap’ area For London obviously.

I do feel very good about where I live as it’s a good lifestyle with a gym, cinema room and large entertaining spaces. It wouldn’t feel the same if it was s 3-bed terrace in an expensive part of London.

South east leafy village, house is worth one million on the nose ( well has been valued at that much, no one seems interested in buying it.

I married a man who ended up doing very well for himself and when we divorced I got a hefty sum and bought it in cash( it was 800k when I bought it but I renovated)

So mortgage free at 33. People look surprised when I answer the door

Around here it is mostly high income, and usually one high earner and a SAHM. SW London (Wandsworth)

Sort of early inheritance for the deposit and we’re a high earning family for the mortgage. House has jumped up in value of approx £400k since we bought 5 years ago. Zone 2 here, but walking distance from zone 1.

High earners. Quite usual in various areas of London.

We Bought a flat in 2010 SW London, did it up, bought a house in 2013 in SE London completely renovated it and added 2 extensions. Sold it for 1.25m nearly £600k more than we paid (spent £250/300 doing it up). Now with 2 kids in tow have bought another house which needs TLC in SW London for slightly more than we sold. Now have a house with an outstanding mortgage of a little more than the initial mortgage on our first flat. Plan on staying here long term and slowly do the place up.

I’m not a massive earner, high not 6 figures don’t work full time. Husband is a highish earner salary under £200k. We worry about the mortgage, would ideally pay it off sooner but London is expensive (childcare etc). We didn’t want to move again so bought exactly where we wanted to live long term and it costs a lot. I was an extremely picky buyer and think that made a huge difference on the cash we made on both the flat and house purchase. I can’t see prices changing in our current area for a while, seem to have been the same for past 3 years.

www.zoopla.co.uk/for-sale/details/42822778?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api

This is a £1m house round mine....

@purpletigers If I had a million quid to spend on a house I’d want it to something a little bit special

You'd struggle to do that in Berkshire....My house in on a new development built on the plots of just three houses. Fifty new houses, lowest price £500,000 up to £750,000, sold out. Single garage per house and parking a major problem. Council tax over £2,500.

I think you'd need to be looking at £2 mill for "something [fairly] special"

Mine is worth considerably over that & nowhere near London, so it probably does looks like it should do in terms of value. The only reason I can afford such a house is inheritance

I just don’t see the appeal of London. The underground looks horrific and i’m sure i’d feel sick crammed in on it. Everything is apparently so close yet it isn’t as you have to walk in the rain and go on the underground etc whereas here in the north I can get in my car and be in several cities in 30 mins and house prices are 100-250k

Bianca that place is stunning and exactly what I expect to get for 1m not a two up two down.

Those rambling £1m terraces are a bargain compared with this £700k apartment in Gosforth - in the NE of England! It does have 3 bathrooms to its 2 bedrooms, though
www.rightmove.co.uk/property-for-sale/property-82248458.html

Durham has its fair share of terraces for not far off £1mil
www.rightmove.co.uk/property-for-sale/property-68254198.html
www.rightmove.co.uk/property-for-sale/property-62997045.html

I have friends living in London on modest salaries who bought a flat last year in that shared ownership scheme which seems to be taking off. The flat is small but very nice, not in a fashionable area but good facilities, transport, shops, schools, parks etc. Zone 3 I think. I also know a friends son who bought on this scheme. It seems a good idea.