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Even with a reasonable deposit (£200k?) the household income has to be huge though to get to £1m. We can do it because we've been in the market for years, but even then on a fair income it's a big push and we can't get it wrong what with £40k SDLT. It's mind boggling
Howard-
I suspect some of it could be people who bought in a cheap area of London 10-15 years ago who have realised they're sitting on more like £500k of deposit (and obviously high income too). Some areas have more than doubled in price in that time.
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80% LTV
£150-200k joint salariesI wouldn’t disagree with you in terms of it not being sensible but I do think there’s a reasonable amount of people who fit the above criteria in the market.
Dramatic_Hammer
Tenderloin
My guess is mortgage, agreed pre-covid, hours of staring at houses during LD, and EAs doing their part to stoke the fire.