The real estate and property market is tough, and one million pounds might not getting you as far as you’d hoped.
As we proved in one of our most recent articles, a million pounds no longer goes a long way. Not like it did a few years back, and certainly not when it comes to property in London. Taking one of the most expensive cities in the world, and one of the most tough property market timings, we have delved deep into the real estate to show you what one million pounds can get you in the capital these days.
A Two Bed in Westminster
Whilst location is arguably spectacular (depending on who you ask), you probably expected more for a million pounds. That being said, this property does boast of some interesting perks, namely bespoke joinery, ensuite bathrooms, underfloor heating and a fitted wardrobe.
Oh, but did we mention you are not actually owning? This is a “share of freehold, no onward chain.”
A One Bedroom in Notting Hill
Notting Hill is arguably one of London’s most charming neighbourhoods, which explains why 1 million does not get you very var (In terms of property that is. Try going out for dinner with one million and you’ll be fine).
By “not very far”, you still get an impressive amount of outdoors space (the equivalent to London gold) and plenty of space, but you are still working with a leasehold… and this is a basement flat.
A (Nicer) Two Bed in Hackney
Venturing out from West London, your options improve, if anything my the number of bedrooms that one million pounds affords you.
This particularly large 1,130 sqft flat is open plan, has a private terrace, and impressive amounts of light due to its floor-to-ceiling windows. Not to mention, you would be located in one of London’s edgier creative neighbourhoods, so you’re unlikely to run out of entertainment options.
A Four Bedroom Detached House in Golder’s Green
When venturing towards London’s more suburban ends (which admittedly is where the vast majority of born-and-bred Londonders end up residing, your money stretches.
This particular four bedroom detached house, whilst not quite contemporary to everyone’s standards, offers great opportunity for investment and extension (subject to planning, that is). Its charming neighbourhood and actual driveway might even have you thinking you’re in the countryside… and you’re only in zone 3.
In our exploration of the ever-evolving and fiercely competitive London property market, it’s become glaringly apparent that the value of a million pounds has significantly diminished over the years, particularly when it comes to securing a slice of real estate in the UK’s capital. Gone are the days when such a sum promised a luxurious and spacious abode in the heart of the city. Now, amid one of the most expensive cities globally and facing what could be described as one of the toughest property market phases in recent history, the purchasing power of a million pounds is not what it once was.