"My first flat cost less than 2 year's income as a rep. That property is now worth over £200,000."
That's an interesting ratio John, and I've never thought about that issue.
When we moved to 'The Turrets', the mortgage interest was 15%, and quite frankly, we knew we certainly couldn't afford it, but the bank said, 'Oh alright Growster and Mrs Growster, we'll see you OK', and so we moved...
The house was valued at around five times our annual income and we soon suffered, (immediately actually), but hey, we were much younger then, 'the world was our lobster' and ownership is nine-tenths of whatever the stupid 'law' says...