Generally I’d say buy a house when you think you can afford one. They’ll always go up in price and it’ll always be a good investment. The time period for a good return may vary. Ultimately though, it’s a place to live and the sooner you get on the ladder, the better if you intend to remain a home owner all your life.
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We bought a house in 1999 for £35k, it was valued at £120k 11 years later. You’d struggle to beat that for an investment.
Thing is, in 2013 we couldn’t sell it. No-one buying at all. A couple of identical houses on that estate have been sold in the last six months for around £100k.