London housing - rent or buy?
Saw another thread on housing goals in London. I'm curious to learn about how much you guys spend on rent and the trajectory of that - so how much more were you spending as your pay started scaling? (Don't expect you to disclose your comp). Also wondering whereabouts you guys are based for the rent you're paying and whether you're renting alone or with flatmates?
Separately- at what point do you start thinking about buying a place? Ideally I would like to rent my own place in zone1/2 but when you start getting to the GBP 2k/month levels- I'm wondering whether I might as well just dump 80-100k into a downpayment and pay mortgage instead. 80k is effectively about 3.5 years of 2k/month rent which obviously has zero equity component. The flipside is I have zero certainty whether I want to stay in London or not in the medium term. And that 100k could be compounding in equities instead of being stuck in some levered illiquid 1 bedroom flat that who knows whether it will even appreciate. (I know I'm assuming stocks going up in the short term - but the difference is that if I'm invested in stocks, I'll never be a forced seller but with a house I might be if I want to get my ass out of this city or worse, if I lose my job.)
Might be obvious from the above that I know nothing about thinking about housing (maybe I'm thinking about something wrongly) so would appreciate any feedback from people who are more experienced. I