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Only if they are young enough to get a 25-30 year mortgage.
This place - https://www.rightmove.co.uk/property-for-sale/property-93060317.html
Mediocre house, mediocre location
£1,100,000
SDLT: £53,750
Budget £15k moving costs / furniture whatnot
Assume they sell a flat and have £450,000 after they've paid EA feesStill need to borrow £700,000 - at 1.4% on a 15 year repayment that's £4k a month
Would take a household income of around £170k to achieve it. If they have that, fine, £4k a month is shrug, but then if they have that, they wouldn't buy that property.
Howard-
My mind is blown by that. Stop looking in Kensal Rise.
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Mediocre place was sold for £156k in 1998 and £630k in 2012
CBRE wrote an article that house prices have increased on average 10.9% per year if within 5-10 mins of a tube line since 1998.
Take mediocre house, that increase is inline with the current price.
Want cheaper, don’t buy near the tube.
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I think the cut-off age is 68 now so that's equivalent to buying the flat in their early 30s to release that kind of equity and a 25 year mortgage.
It's not going to be everyone but I know a fair few people like that in my area. Sold their flat in crouch end/archway and used that to buy in Harringay.
More £900k than £1m but still pretty ludicrous. That then knocks on and the prices in West Green and Seven Sisters go up as those people with flats in Harringay sell up and buy houses there.
I think the real thing that is going to slow all this down is first time buyers to buy those flats. Saying that, with the aid of parents there still seem to be plenty there.
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Cornish_Bike
aggi
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.