Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Flip

1 2 3 4 5

Original poster

Million pound houses

107 replies

thinking123 · 09/05/2022 08:52

So a house near me has gone up and sale and sold within two days. It was up for offers over 975k.

I am just so shocked. It's a perfectly nice four bedroom detached house with a nice size garden. The location is nice but not outstanding, the pics on Rightmove are very nice but again nothing amazing. It's not even in the catchment for the best school in the town.

How the hell are normal family homes selling for a million pounds. How can anyone hope to pay that sort of price.

OP posts:

ssd · 09/05/2022 08:53

Half of mn apparently do.

1940s · 09/05/2022 09:03

That would be 1.4m in my neck of the woods. Very frustrating

fluffiphlox · 09/05/2022 09:05

There’s no end of £1m houses. I don’t understand the salary multiples that go with this - I mean for mortgages.

Interested in this thread?

Then you might like threads about this subject:

Property

Original poster

thinking123 · 09/05/2022 09:07

Oh I know there are lots of million pound houses, but this is really just a nice family home. It's nuts

OP posts:

Stylishkidintheriot · 09/05/2022 09:09

Location, location, location. Where we are £1m would buy a mansion. I don’t even think there is anything around that amount for sale

gunnersgold · 09/05/2022 09:10

Working your way up with equity . Our next house will be around that and most of it will be paid for from other houses . We are late 40's

1940s · 09/05/2022 09:19

I agree the only way people are doing it is if they bought in the area pre boom and made a decent chunk on it, that coupled with at least one lump sum of inheritance. So they're walking in with about 500k deposit and then decent wages to put mortgage on the remaining 500kish

Original poster

thinking123 · 09/05/2022 09:20

I understand all about building up equity. However the jumps just seem to be getting bigger bigger between houses.

OP posts:

coffeeneeded · 09/05/2022 09:21

Three bed terraces near us are going for that. We're in London, but nowhere near a tube line. It's bloody ridiculous and all driven by the estate agents.

loveinthe90s · 09/05/2022 09:21

Most people aren't buying million pound homes based on salary, they will either have had an inheritance, or their house has simply gone up in value. Or they're laddering up.

Loads of bog standard million pound houses near me in London. It's completely the norm. I imagine quite a few people on this site live in London. Therefore not remotely weird for lots of Mumsnetters to live in £1m houses...

This is near me. Not even bog standard but actually horrible...

https://www.zoopla.co.uk/for-sale/details/61354374?utm source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utmm_medium=api

Justkeeppedaling · 09/05/2022 09:22

You don't get much house for £1m these days.
Some neighbours of ours have just bought a house in that price bracket. It has a lot of land, but the house itself is smaller than the one they sold for £500k. It's the land that's expensive.

timestheyarechanging · 09/05/2022 09:23

Prices are crazy atm. My partner is selling his central / north London 2 bed basement FLAT for £775k! It is lovely and has a garden.
I also have a flat for sell (not London but SE) so we will have about £1.1m. We are moving out to the coast and (hopefully) buying a four bed house and two flats for that.
We are early 50s but both got on the property ladder in our early 20s so are now mortgage free.
My ex H and his DP is the same but they both inherited. He's just sold his mums 1 bed flat in SE London, she sadly died, for £350k zone 3. He had it renovated though and it has a garden.
Bonkers prices though.
Luckily my daughter has been saving since she was 18, now 23, never paid any rent to me and later her dad who she currently lives with after selling family home (bigger en suite bedroom) d has saved enough for a deposit to buy a place with her BF next year. I'm so pleased that she will be on the property ladder at 24. No financial help from us apart from not having to pay rent obviously.
My son is planning to go to uni so he won't be on the same position as her, with a lot of student debt so I worry about that.

BarbaraofSeville · 09/05/2022 09:28

loveinthe90s · 09/05/2022 09:21

Most people aren't buying million pound homes based on salary, they will either have had an inheritance, or their house has simply gone up in value. Or they're laddering up.

This is near me. Not even bog standard but actually horrible...

https://www.zoopla.co.uk/for-sale/details/61354374?utm source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utmm_medium=api

I don't know what's more surprising. The massive freezer that looks like it might have a body stored in it, or the harp in one of the bedrooms.

planetme · 09/05/2022 09:30

Come to Leicestershire

You can get something like that in a decent area for about 350k , a bit less in a less posh area

loveinthe90s · 09/05/2022 09:32

Barbara I think the harp is more surprising!

Actually it's not horrible, it has the bones of a lovely house, it's just not done up perfectly like many houses round here. Just used it to illustrate that a million doesn't go far in London. Not even not fancy London.

Dougieowner · 09/05/2022 09:35

Not first time buyers.
People who have moved up the ladder, have equity, more disposable income etc etc.
Everyone has different circumstances and what may seem unobtainable to one may be a bit of a stretch to another and within easy reach to someone else.
I am sure that one buyer may have a massive eye-watering mortgage and another doing it with savings and / or a small top-up mortgage.

MyNameIsAngelicaSchuyler · 09/05/2022 09:35

Same here. Family homes around £800-1.3 in the nicer areas, if you want 4-5 beds. We’ve been priced out of living here since 2012.

LizziesTwin · 09/05/2022 09:38

The Peckham house is a shock to me, my mum inherited one from my Great grandmother and sold it for £90,000 in the early 90s.

WB205020 · 09/05/2022 09:38

We purchased our house for over £1 million a couple of years ago. Previous house equity along with an inheritance allowed us to be able to afford it. Ours is a 6 bed in the Hampshire countryside

House prices are extreme and totally ridiculous but demand has never been so high and its not likely to relent. We both have very good jobs and earn a lot but without the inheritance we couldn't have afforded this place which is ridiculous. House prices are obscene!

ShanghaiDiva · 09/05/2022 09:39

it is insane. I live in the south west and a house I viewed two years ago at 750 is now on the market for 950.

JingsMahBucket · 09/05/2022 09:42

@loveinthe90s that floor plan makes absolutely no fucking sense. The bathrooms upstairs are a clusterfuck. It would take some renovation to make it make sense.

JingsMahBucket · 09/05/2022 09:42

And their furnishings are ugly. The kitchen cabinets need to go, etc.

OuiWeeOui · 09/05/2022 09:44

Flats here go for over a million , utter madness isn't it
They all look the same , like they are built from lego

loveinthe90s · 09/05/2022 09:47

@LizziesTwin that must have been a lovely house, 90k in the early 90s would have bought something spectacular around here then. Hopefully she invested in more property?!

@JingsMahBucket yeah it's not pretty. I think it prob needs a minimum £200k refurb. I would not have bought it! Way too much work for an unexceptional house. Good location near good primaries though.

Fluffruff · 09/05/2022 09:53

It is mad. One came round in our area for 1.25m yesterday. I had a look and the kitchen was so out of date it would need redoing. It seemed depressing that you could spend such a huge sum on a house and still have to spend more updating the kitchen and bathrooms.

Flip

1 2 3 4 5