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Where to by in London with a £1m budget?

 
#1 Where to by in London with a £1m budget?
19/12/2006 12:27

Mandy

We are an American couple renting at the moment in Richmond, having lived in North London for a while, but are anxious to move into something more permanent in the New Year.

We have a budget of approx £1m, and are looking at neighbourhoods.

Our criteria are:

1) Must be easy to get to Liverpool Street, where we work (Richmond is a real pain of a commute !!)

2) Must have green spaces and a nice safe atmosphere (Richmond has this by the bucket load)

3) Needs to have good schools (possibly good Catholic schools)

4) Ideally want a 4 bed hse with parking

Where in London do you think fits all that ? Is there somewhere on the train line into Liverpool Street that might fit better ?

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#2 RE: Where to by in London with a £1m budget?
19/12/2006 13:38

tadge to Mandy (#1)

Islington - Regent's canal/ Regent's Park etc...

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#3 RE: Where to by in London with a £1m budget?
19/12/2006 16:09

Mike to tadge (#2)

Hampstead/St Johns Wood/Primrose Hill

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#4 RE: Where to by in London with a £1m budget?
19/12/2006 16:57

Clare to Mike (#3)

My picks

W 2 - Connaught Square, Hyde Park Square, Gloucester Square

w 9 - Randolph Crescent, Warrington Crescent

May I ask whether you are in consulting ? Cos to afford a 1 million pound place you must be over 40 to be in consultancy.

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#5 RE: Where to by in London with a £1m budget?
19/12/2006 17:33

Radge-a-minute to Clare (#4)

Clare,

If you've been in the property market for over 10 years and are a youngish parner, you'd be able to afford more than £1m at the age of 31/32, not even accounting for your spouse's input.

radge.

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#6 RE: Where to by in London with a £1m budget?
19/12/2006 18:01

John to Radge-a-minute (#5)

I think it's unlikely that areas on the lines out of Liverpool St will be to your taste.

You will have a fair choice with your budget but as you will know parking is problematic in almost all central areas

It's a big city and it is hard to recommend anywhere without knowing more about your tastes. There are some decent recommendations above although houses in Connaught Square will set you back a little more than £1m. There are better squares too.

You are probably best off in the inner N and W areas but to chuck in a few of suggestions from sarf of the river (!) with a shorter commute than from Richmond: Dulwich or Blackheath villages, Greenwich. These are all green, safe etc.

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#7 RE: Where to by in London with a £1m budget?
19/12/2006 18:14

Johnny to John (#6)

Some of the areas mentioned, such as Islington and Regents Park, are out of your price range, however one option might be to consider some place like Ealing (30 mins to Liv st) or Chiswick.

Both areas have good Catholic schools, but some really bad streets, and hence high crime rates

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#8 RE: Where to by in London with a £1m budget?
19/12/2006 18:34

Jimmy to Johnny (#7)

uhm again, no - mind your salary info. I just bought a 1.2 million house, i am 27 - been in consulting 7 years and earn a modest 200k a year. its just what you put your money to - rather than how much you make.

obviously you wont make 6 figures at Accenture! lol

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#9 RE: Where to by in London with a £1m budget?
20/12/2006 05:18

Jimmy to Jimmy (#8)

Jimmy 7 yrs and 200k in consulting ? Come on buddy who u kidding with ?

I work at a top tier consultancy (a strat house)- one of the most desired places to be and I've done realtively well. I'm 28 and I don't even earn more than 100 K. And I only have 75K of saving since leaving univ at 22 to pay for a deposit. Cannot understand how u can afford a place worth 1.2 million.

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#10 RE: Where to by in London with a £1m budget?
20/12/2006 09:51

jimmy to Jimmy (#9)

ha! its obious that you are lying.

Senior associate salaries at MBBB, including bonus, can easily reach 200k.

What firm / office / practice do you work for?

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#11 RE: Where to by in London with a £1m budget?
20/12/2006 09:54

EYer to jimmy (#10)

Agreed. Many of our Directors here ( level before partner) are on 200k without bonus - which depends on sales and practice development.

However it does take perhaps 9 years to get to Director, even if you skip a few.

I know its the same ad Deloitte and at a few other places.

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#12 RE: Where to by in London with a £1m budget?
20/12/2006 10:47

Tinkerbell to EYer (#11)

And how much of a bonus do EY pay?

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#13 RE: Where to by in London with a £1m budget?
20/12/2006 10:54

Eyer to Tinkerbell (#12)

Nothing until snr manager. Then i can only specuate:

snr manager: 0-20%

director: 0-30%

average partner salary 2006 was 600k+

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#14 RE: Where to by in London with a £1m budget?
20/12/2006 11:16

Tinkerbell to Eyer (#13)

So total package for senior people is about 80% of Deloitte? Comparable to IBM payscales

Explains a lot really ...

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#15 RE: Where to by in London with a £1m budget?
20/12/2006 11:36

PAer to Tinkerbell (#14)

What a load of rubbish.

Is PA Insane to offer such low salaries as I shall outline below :

1. Principal Consultant (2levels below partner) - base of around 60 - 80 and 20-30 percent bonus at max.

2. Managing Consultant (1level below partner) - base of around 80 - 100 and 30-40 percent bonux at max.

3. Partner

base of 100 - 120 and bonus of 20 percent of the profits of anything u have sold.

Pls explain all.

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#16 RE: Where to by in London with a £1m budget?
20/12/2006 11:41

Beng / the Village Idiot Help to PAer (#15)

Why don't either one of you offer your expertise on this issue. Its clear you guys actually do know what your talking about and can thus provide a more accurate assessment.

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#17 RE: Where to by in London with a £1m budget?
20/12/2006 11:44

pop to PAer (#15)

its different consulting work, to different clients, at different margins...

at Bain - some of the partners ( the senior ones) are on multi million salaries - whilst a junior partner at Accenture makes less than a principal at BCG. Whats your point? PA is at the bottom of the food chain, what do you expect?

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#18 RE: Where to by in London with a £1m budget?
20/12/2006 11:57

anon to pop (#17)

what sort of figure are you talking about for these companies pop?

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#19 RE: Where to by in London with a £1m budget?
20/12/2006 12:00

Village Idiot to Beng / the Village Idiot Help (#16)

While I would love to give Jimmy the benefit of the doubt, my gut tells me that he is all mouth and no trousers. To describe his salary as “modest” either smacks of the worst kind of hubris or mind-numbing ignorance. While I can’t speculate on Jimmy’s personal finances, even with a 20% deposit he would still be talking about a 5x mortgage – and with all of those fancy watches he keeps buying, he can’t have set aside much for a rainy day, can he?

Either way, it must be lonely walking around that £1.2m house all by yourself. Cocky, smarmy guys like Jimmy don’t have many friends…

On to more serious questions – what does it take to earn £200k per year in a consulting environment? Well, a director in one of the Big-4 could certainly be on a package in that region, and a partner will be on multiples of that. You needn’t be 40+ to be a director or partner (I have come across many who are in their early-to-mid 30s) but you also don’t find a lot who are 28.

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#20 RE: Where to by in London with a £1m budget?
20/12/2006 12:49

pirlo to Village Idiot (#19)

I personally dont understand what all the fuss is about.

The salaries of partners at all the big 4 is a published information easily found on the web. Vault has some excellent charts showing the salaries of the strat houses - which we all know are almost double those of the big 4 or SI players.

As far as Jimmy and his big house - yes he is a bit arrogant. But then a 28 year old principal from Bain would be, and in my days ive met a few.

I just feel sorry for Clare - she must have a really skewed compensation chart!

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