In last week’s Spectator, Martin Vander Weyer replied to a couple with a baby who had sought his advice on accepting a low offer for their cramped London flat to buy a house in commuterland. Their fear was that, if Brexit led to a property crash, they could face negative equity. Should they call the whole thing off?
Emphatically not, said Martin. ‘Buying a family home is a long-term choice, rarely regretted, in which fluctuating value matters far less than whether you love the house.’
He’s right, I’m sure. But I’d like to add a further thought experiment which may reaffirm their decision.
I recently heard of a different property dilemma: two married London teachers in their early fifties owned a small house now worth just under £1 million. The husband was originally from East Anglia, and wanted to move back there.
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