Buying a studio flat in London

onamissionEU

WesternP is absoutley right - and this is why you should buy what you can afford. Maybe you pay a couple of k too much? Maybe prices go down 10% over the next 2 years... Who knows. BUT you will either be paying rent or paying a mortgage.
If you dont need to sell the property what does it matter what it's worth? You still need to live somewhere.


If you buy this place you have it. Done, it's yours. If you chose to look for something else you may not find it and if prices keep going up you are out of the market... At 38 and living in a house share I personally would not want to take that risk. No property will be perfect, we all have to compromise (well, maybe not the Queen!). I bought a 2 bed flat in 2002 (everyone was saying market was over priced even then) for 140k. A stones throw from a Crossrail station, and could sell it now for 300k. As it happens it is rented with a yld of around 6%, but that was the BEST DECISION I ever made. I also remember having the same doubts as you at the time, but I am glad I listened to my dad and bought the place!