If you had 1 child (vasectomy so this is guaranteed) and already live in a small 400k+ 2 bed flat near good london state schools, would you upgrade to a 700k to 750k 2 bed flat (no difference in size) in a nicer area (excellent state primary), stay put or move to a 500k 2 bed flat nearby (essentially lateral move but more space)..
I would 100% prioritize private school fees over housing and as we bought our flat young, we would be mortgage free in our 40s (I am 32 and expecting) as long as our mortgage doesn't substantially increase. And if private school fees are unaffordable for us down the line, we would send our child to state school, I just don't want to eliminate the option at this stage. Particularly before secondary age, I would have at least 7 years to save even if child went to state primary esp with a low mortgage (mortgage 1282). Same applies for university.
Dh wants to do both- 750k flat and private school but I doubt we could save a decent pension with that unless our salaries increase. We wouldn't have any inheritance as our parents favour our younger siblings. I suppose we could downsize the flat to live in a cheaper area in retirement (not in terms of size as it would be small) but at the same time, there is an article in the Ft that very few people make money from downsizing so it seems a risky strategy.
As for PP suggesting I leave London, I don't want to and the state school options I have access to are better (as I belong to a religion) and also that ship sailed in 2017.
Flat prices in London have stagnated to the extent that i can't really afford much in the Home Counties to justify the insane commuting cost. And the cheaper areas in London where your money goes further would be a downgrade in schooling options (as I live near one of the top 15 primary schools in the whole of the uk) - plus DH doesn't want to move to those places.
At least in London my dh cycles everywhere so we barely spend anything on transport.