Prices will eventually fall so it might be worth holding on. When this happens, people who stretched themselves will suffer negative equity. Economic conditions could also change leaving people with less money to spend, thus making it even harder for them to afford their mortgages. The cheapest property offered by Andrews is a studio apartment in Stanley Road, east Oxford, priced 79,950. The most expensive is a four bedroom house in St Ebbes costing 365,000.
People tend to reach their earnings peak earlier now but things can change very quickly.
We can all remember the nightmare of negative equity in the early 1990s. Any low-cost housing goes very quickly and then the price goes up when it's sold on. But around here you are still looking at 75,000 for a one-bedroom flat. We are seeing younger people renting houses in the short term with a view to buying when the price is right. But some end up renting for years because of the cost.