'The X Factor' contestants have moved into a home worth £7 million.

The X Factor house

The X Factor house

The twelve finalists - who were selected by judges Simon Cowell, Cheryl Fernandez-Versini, Rita Ora and Nick Grimshaw last weekend - have moved into the home they'll be living in for the remainder of the competition.

The property - which has seven bedrooms, two spacious lounges, a huge kitchen diner and a second separate dining room - is located in Barnet, north London and costs £20,000-a-month to rent.

When the wannabe popstars aren't busy rehearsing they'll be able to relax in the mansion's cinema room or take a dip in its indoor swimming pool.

The house - which is just 12 miles away from the house last year's contestants stayed in - was last listed for sale in 2013 with an asking price of £7 million, according to the property website Zoopla.com

Meanwhile, the 12 hopefuls - who include Mason Noise, 4th Impact and Bupsi Brown - may have to share their luxury home with more contestants after rumours continue to circulate about the possibility of a wildcard being added into the mix.

Show boss Simon Cowell said recently: "Would I like to bring back the wildcard this series? I would do it in a heartbeat."

Whilst rejected contestant Monica Michael tweeted: "So much for thinking I was getting a few days off! ;) x (sic)"