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As i've said on here before i'm not denying brexit as a small factor but a lot of people are going to be in for a serious shock over the next few years. We're at the end of a major economic cycle. BAD times ahead for many. Lets all step back and look at this for a minute... Is a two bed flat in E3 really work over half a mil? No its not and if we hadn't had historically cheap monies thown to us over he last 8 years we wouldn't be in this situation. I'm guessing this would have been £200k cheaper 6 years ago and that wasn't long ago. I wish my wage saw those increases over the last 6 years.
You've still got a chance as a lot of first time buyers don't have a clue and probably weren't affected by the last downturn. All I know is I feel bad for highly leveraged people right now as they really don't know whats coming. (I might be totally wrong and the government/Carney might drag this along for another 10 years)
8b-
I would not be surprised if we see further drops, and I am very glad I bought when I did (6+ years ago) and have never stretched myself too much mortgage payment wise (as many recommend doing). I dont plan on stretching myself on the next purchase either, partly due to the reasons you mention. Next few years will be interesting for sure, but how about leaving out the direct references to my place yeah?
chrisbmx116
Brexit slammage.