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

I think you know what I'm saying.

I'm still chuckling at the thought of doctors affording family homes in Kensington. Although I feel sorry for the poor doctor married to the high earning knob PP mentioned earlier, totally undervaluing her work.

I lived in Kensington as a student about 14 years ago and onwards. It wasn't as bad then but I probably had more money then than I do now as I had inherited some at 18 (this makes me sound obnoxious but one of my parents died). But my perception was it really wasn't ridiculous then - but you're talking about a rather large area, with huge variation in wealth etc within it, at times completely next to each other from one street to the next. Also it was horribly busy and annoyingly filled with people taking photos etc, random TV people in your coffee shop, mixed with pretentious nonsense. New doctors earn about £24k basic now don't they, and it takes a good 10 years to become a consultant. I know some permanent locuming consultants that could probably buy a house there, but I think they have more sense and would rather buy somewhere close to the hospital if they get a long term post.

Basically, a lot of people will have bought their houses back when things weren't so absurd, not even that far back (90s, early 00s at a push). If lucky, their family will have had the sense to buy in London whereas mine did not and family owned properties will rise exponentially in value. Otherwise, I know a few people living there who work in TV, broadcasting, or particularly high paying jobs in law and banking and an oil technology guy, but again, they bought some years ago.

www.rightmove.co.uk/property-for-sale/property-48036312.html

Winston Churchill's old house - available now for £21million

For a property at that price point, the decor is beyond vile! Especially the el cheapo late 90's B&Q style kitchen...

Marry an oligarch or be the child of one

My friend and her DH are both consultants. They both have "family money" and they can't afford to live in that part of London.

HTH.

Got very lucky with timing on the property ladder.
Neighbours mainly with foreign money or inheritance.

Titty, you and your sister seem to have done very well for yourselves.

I suppose there's enough very affluent people in London to pay these prices. Although I do wonder... if you've 'only' got 2-3M, why would you choose a pokey flat in Knightsbridge over a great house or even a mini mansion elsewhere?

My brother lives there. He works in M&A banking and his husband is a lawyer for the rich and famous. I'm not close to them but I think between them they make many hundreds of thousands per year. They don't live in a big house though.

In Jan 2000, average K&C house price was £356k today it is £1,370k. In 2000,
based on average wages, house price should now be £600K.
many people brought in the past and 50% live in council houses.