Live in London and don’t want to buy here but urge to own somewhere

[smorge]

I live in Central London. Lovely one bedroom flat. Been in the same property for five years. I have no great desire to buy here as it’s eye wateringly expensive and flats aren’t going up in value.

But I do have this urge to own my own property. Something I can decorate and escape to when I need to get away from city life.

Does anyone else have this? I feel like I need a “home” somewhere.

Could you afford to buy somewhere as well as rent in London? I know some people do this - buy in a location they want to take holidays in or close to the family home.

However, I’m not sure it makes the most financial sense at a time when property prices aren’t rising in most parts of the country. You would no longer be a FTB if you wanted to buy elsewhere in the future and you would be responsible for all the maintenance and upkeep costs when you’re not actually benefiting from living there. And it’s not a good time to become a small landlord, if you had the idea of renting it out. But some people do it for more emotional reasons, so it may make sense if it makes you feel happy. Something to consider is how long you intend to stay in London because if it’s not forever it may be better to consider a 5 year plan to buy somewhere in a different location.