People Stunned By What A £1 Million House Looks Like Nowadays
Topics: Shopping, Social Media, Money
Gabriella Ferlita
Featured Image Credit: Kings Group
Topics: Shopping, Social Media, Money
People are stunned by what a £1 million house in the UK looks like nowadays.
When you imagine an £100,000 home, it might conjure up thoughts of a large detached mansion with seven bedrooms, multiple bathrooms, a private gate, and maybe even a swimming pool.
But when it comes to London, it might come as a surprise to learn what’s actually available at that price are a series of three-bedroom, one-bathroom terraced houses.
One Twitter user took to the social media platform to share her shock at the current housing market, having penned: “This is what a £1,000,000 (1 million pounds) house is just so we’re all up to date.”
“For context, you’d need to be earning £200,000 a year to even think about getting a mortgage on this,” she claimed.
Advert
But for the woman, the real winner of 'What The F**k Is Going On Awards 2022' is a £1 million three-bedroom, two-bathroom apartment in South Woodford.
“What's even worse is the Woodford one is former social housing,” someone else commented. “How has someone been allowed to trouser a million from social housing?”
Another wrote: “Blows my mind that anyone could be a***d living in London with these prices. Grafting a 'high-end' job to live somewhere like that. Nothing wrong with it, but a million quid?
“The people I feel sorry for are those born and bred in the area, who will never be able to afford a home in the place they consider to be home. Dire state of affairs,” they continued.
“Mind-boggling prices for parts of Hackney where it would’ve cost up to 300k pre 2013,” someone else noted.
“Growing up I'd always imagined that amount of money would get me a mansion with a pool and a private drive. How wrong I was,” a different person wrote.
Someone else shared pictures of similar two-bedroom, one-bathroom homes in Alford, Lincolnshire, where the homes are valued at between £120,000-140,000 instead of the hefty £1 million price tag.
And to make matters even more shocking, one Twitter user shared a £1 million property in Preston, Lancashire, which certainly looked a bit more worth the price tag with 15 bedrooms and 10 bathrooms.
“It’s shocking! These are the places similar to where I live which is a lovely area! It’s mind-blowing to me how they can get figures like that!”
And hopeful homeowners aren’t wrong about the issue of house prices as Rightmove suggests that there has been a 9.7 percent increase year on year on the average house price, being the fifth consecutive month this June that prices have reached a record high.
However, research from Capital Economics suggests that prices will fall by 5 percent over the next two years, as the Bank of England continues to increase the base rate of interest in order to fight against rising inflation.
If you've been affected by any of the issues in this story, you can find more information about where to get help from Turn2Us via their website.