Buy a house or keep renting?

[Squiffy01]

Hi all,

DH and I are very slowly getting a deposit together for a house but can't yet afford anything we would want long term.
We are currently renting (for silly money in London) so if we got a mortgage for a teeny tiny one bedroom flat in the outer areas of London would be would be able as I save more money as the mortgage repayments would be less that the rent.
But is it silly do buy something else hay you don't actually want and should we just keep putting everything we can into savings?

If it was me I would buy the flat if you will be able to save more for your deposit For the place you want in the long run. Unless commuting will add a lot more expense.

From what I know about London house prices hopefully the flat should also go up in value so you will get more back When you sell hopefully.

I wouldn't rely on London house prices increasing in the short term.

I would always buy if you could. You would be chipping away at the mortgage instead of someone elses.