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Have you worked the maths through on that? After tax, £160k is £8k per month take home.
A mortgage of £800k repaid over 30 years is circa £3k per month at 2% interest and £4k a month at 4.5% interest. Depending on other outgoings, that would seem affordable to some.
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Not with a hefty deposit. A couple who bought a flat each 10 years ago and are now settling down together are possibly going to have £500-600k of deposit or so. That gives a monthly mortgage of something like £1,800 - £2k a month which is pretty affordable in the grand scheme of a £1m house.
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aggi
@Dammit
Buying a 1M property with a joint salary of say 160k is going to be a hell of a stretch though, interest rate rise or redundancy and you are hosed. Unless you have a half million pound deposit I guess.