How do people afford houses in Chelsea/Kensington?

[user1497169397]

Hello, I was just looking at houses round that area and surely I thought can't just be people who bought homes 30+ years ago and celebrities?
I'm not actually a parent and was wondering if a job as a doctor (in uni currently studying) would allow me to live there, but it seems not!
Thanks in Advance

it's for footballers salaries. I don't think a doc's salary would cut it.

I'm not actually a parent and was wondering if a job as a doctor (in uni currently studying) would allow me to live there

Ha ha ha mega LOL

You might be able to buy a 2 bed ex-LA flat in Kensington.

You aren't going to be hitting the oliagarch levels of wealth as a doctor, even if you do build up a successful private practice.

A lot of wealthy foreign buyers. It's really not normal-people land at all.

By having them in the family for generations.

How much do you think doctors are paid?

as a doctor you will be lucky if you can afford to live in London! Let alone chelsea.Sorry! (I am a doctor of many years tenure)

Russians, Chinese, arabs etc who only use the property a couple of times a year.

Bankers, senior lawyers. Maybe a celebrity doctor in private practice doing plastics. I know quite a few people with the mind of money to live there and it's very elite levels of earning.

Foreign money and families who invested decades ago. Friends bought a beautiful 3 bed apartment in Kensington for £90k back on the 90s

Are you currently studying a medical degree? Surely you know the pay you will expect to receive (or an idea) and a cursory glance at Rightmove will show you that doesn't tally up with house prices in K&C.

People who buy those houses these days earn more in a day than everyone posting on this thread will earn in a year, combined.

You're talking the type of people who buy football clubs, not really even footballers.

I'm completely aware of how much doctors are paid, but if you do both NHS and private work, with some locum work for a few years it does build up. I know that it's basically impossible to live there and I'm just curious

I lived in,Kensington in the 1990s and property prices then were for wealthy overseas buyers only

'People' do not afford property there. Only the super-rich do. It's a completely different level of wealth.

Well I should tell my husband he is clearly doing something wrong.

What everyone else said. I'd add though that there are many brilliant (and frankly better-connected) places to live in London, so spare yourself the misery of getting fixated on one neighbourhood. glares at DH

I don't think you can do locum work at the same time as working for the NHS and private. Will you split yourself in three?

FWIW, my ndn does locum all the time (v high demand specialism), and we are a very, very long way from K&C prices.

In the past 10 years? Mostly money laundering from corrupt countries. Don't believe anyone who says different.

but if you do both NHS and private work, with some locum work for a few years it does build up
LOL!
Alongside your own cpd training outside of work hours, unpaid overtime, preparation for training others etc. Not much time for locums. It takes 10 years post degree minimum to become a consultant, and you won't be doing any meaningful private work if you are not a consultant. That is assuming you choose a specialty that lends itself to private practice. As a junior doctor you will be paid less than any of your peers in accountancy or law. I don't think you have any idea what it means to be a doctor, or what they earn. Best to get some work experience.
If you are bright enough, and hard working enough, to be a doctor and want to live in Kensington then best become an elite level lawyer, banker or accountant instead.

If you're at university, studying medicine you will surely have some idea of how much training you need before you can take on any financially useful level of private work? Or are they feeding you lies about the milk and honey of medical salaries in the lecture halls these days?

I will have to go on the right move now and look at what the cheapest place I can find in Kensington is. I remember googling the 10 most expensive streets to live on in the UK. I live a few streets over from one of them, and would absolutely love to buy in this area , sadly, very few flights are available in my price range. :(

Even share to buy is unaffordable for most people in RBKC.

All the non super rich people I know either bought years ago, often with help from parents or with legacies or rent from Housing Trusts or the council.

I just looked on the right move, and the studio flights are a little bit cheaper actually than they are in my area.

They had a really pretty one bedroom, with a short lease for 150,000. Which I thought was great Until I read further and it said that an extension for lease, would be 670,000!

I have a friend with a decent pad there, they're the daughter of a wealthy Russian businessman (not a famous one) and she runs some of his businesses now. She is very privileged and doesn't really realise it!

I have a friends in a beautiful large house in Kensington. No inheritance or money laundering involved. Just clever ladder climbing and stretching themselves on mortgages in the early days as well as one having a highly successful business built up from nothing and the other being at a very high level in banking. They work very very hard. They are also risk takers and for them it's paid off. I'm a lot more risk averse so can only applaud them for how well they have done.

So how did they end up with a Labour MP