What Does £1 Million Buy in the London Property Market?
So does £1 Million actually get you in London?
In this article, I share some different properties in a range of locations across London to help you see what £1 Million can get you in London when it comes to finding your perfect home.
West Hampstead, 3 Bed
In West Hampstead, you can get a 1550 Sq. Ft. 3 bedroom, 2 bath flat in a share of freehold building. The flat has high ceilings throughout, 19ft. reception, luxury upgrades including kitchen and bathrooms and 3 good size double bedrooms.
Located on Fortune Green Road, Burgess Park Mansions is a classic red brick mansion block. You’re about a 15-20 minute walk to West Hampstead tube station or you can jump on a bus outside your door and head to Finchley Road tube station. The price per square foot converts to £645.
Queens Park, 2 Bedroom with Garden
In lovely Queens Park, you can get a 2 bedroom, 1 1/2 bath flat with a garden for your £1M budget. In addition to a good size living room, this flat also includes a conservatory that leads to the 32 ft. garden. With period features including wood burning fireplace, stained glass windows, and original floorboards, it offers classic charm while the kitchen and bathrooms have been upgraded to blend with the classic vibe. It occupies the entire ground floor, has its own separate entrance, and includes off-street parking. It is close to Queens Park station and at 1302 Sq. Ft., it equates to £768/SF.
Marylebone, W1U
Rare to find in central London is a share of freehold property. This 2 bedroom, 1 bath flat is located in the heart of Marylebone Village, just near the green space of Paddington Gardens. It’s on the 2nd floor of a classic red brick mansion block and the space is laid out with an open plan kitchen/dining room as well as formal living room space. The bedrooms are relatively small but overall the flat looks in good condition. The location is fantastic as you have fabulous chic shops and eateries just at your doorstep and you are moments away from transport of Bakerloo station. At 702 Sq. Ft., this converts to £1,424/SF.
By the way, if you want to know more about leasehold versus freehold, click the link here to watch my article that explains the differences.
Shoreditch, EC1V
If we move east to the heart of the financial centre in Shoreditch, our £1M will get you a 2 bedroom, 2 bath flat at Principal Towers overlooking the City of London, the original financial district of London. It’s in a luxury high rise with 24-hour concierge, pool with jacuzzi, spa, gym, resident’s lounge/bar, and private cinema.
The location is fantastic as it’s walking distance to Liverpool station and Shoreditch High Street station.
The flat itself has herringbone oak floors, full height windows to take advantage of the view, and high-end fixtures and finishes. At 743 sq. ft., it comes to £1,345 per square foot. For new builds/luxury developments like this, you will have very long leases but be prepared to budget considerably for service charges that may run £6 – 9 / SF to cover all the wonderful amenities the building has to offer.
By the way, if a million pounds is a bit outside your budget and you’re wondering what say £650K gets you, then make sure to check out my other article on what £650K will buy in London.
Canary Wharf, E14
If we move further east to the other financial centre of London, which some say has overtaken the City of London, let’s head to Canary Wharf, where soaring towers dominate. Here you get a 29th floor 2 bedroom / 2 bath flat of 1,018 Sq. ft. equating to £982/SF. It has an open plan living and kitchen area with an island, two double bedrooms with built-in storage, an ensuite bathroom, a family shower room, and a terrace circa 401 sq ft. Every resident is a member of The Wardian Club, with access to exclusive first-class facilities, including a private dining area, a rooftop observatory, and bar, a magnificent gym with state-of-the-art equipment as well as a yoga studio.
The great transport links of the area include access to the Jubilee Line, Docklands Light Railway, Thames Clipper boat services, and European flights via London City Airport, and Canary Wharf will also be a key station for the major new east-west railway line Crossrail.
South Kensington
Heading west, in another very popular part of town, we are now in South Kensington. Home to Exhibition Road with world-famous V&A Museum, Natural History & Science museums, Imperial College, and some of London’s most beautiful homes, not to mention being on the doorstep of Hyde Park, South Kensington is many people’s dream location.
So if it’s your dream, then perhaps this great 2 bedroom flat on Gloucester Road will suit. As a nice surprise, it has 2 bathrooms and is beautifully finished. While it’s above a shop, it has a side street entrance which is nice. This lower ground floor flat has a nice open plan layout and the main bedroom is a good size and has an ensuite, but the second bedroom is quite small and a bit awkward. As I tell my buyers, London is so much about tradeoffs so to be in one of London’s most desirable areas and pushing for a 2 bed on this budget, it does mean you might have to settle for lower ground and a really small second bedroom. It’s described as a share of the freehold which is really nice and at 992 Sq. Ft, it converts to £1008 / SF which is well below the average for the area of closer to £1800/SF.
Ealing
Our final stop is in Ealing, west London. Here you can get a beautiful Edwardian spacious 5 bedroom home that has been extended and refurbished. There’s a master bedroom with ensuite, 4 additional bedrooms, and a landscaped garden.
It’s well located close to local shops, amenities, and cafés. It is near Northfields station (Piccadilly Line) as well as desirable primary schools. It’s a freehold property across 3 levels and includes a private garden. Total square footage is 1,730 which equates to £578/SF.
So what did you think of the properties I highlighted? Please make sure to leave me a comment below.
Just in the 7 properties we featured, it shows a wide range of options. We had the most expensive in terms of price per square foot at £1424 for the 702 sq ft flat in Marylebone in prime central London. Not far behind was the luxury 2 bed flat at Principal Towers in Shoreditch just near Liverpool Street. Best value for money was the 1,730 square foot 5 bedroom house in Ealing.
If you’d like to know more about living in London, you can download my free living in London guide, here.
