Even in the depths of recession a flat in London will always sell or let.
Not true.
I know of at least 5 people who bought places in London (some several years ago before the market crash, some more recently), but when they've come to sell and move out of London, they've not been able to sell. Result: nearly all of them are now renting them out. The other family are living in a 2 bedroom flat with 3 kids because they can't sell.
I would say, given the market, don't buy in London unless you plan to live there for a good long time.
If you're expecting to save a 14k deposit, if that's a 5% deposit, then that's a £280k mortgage, but would your salary be able to give you that?
A lot has to do with your circumstances.
Is your job secure or are you contracting?
Will you be able to get another job outside of London to achieve the ambition of living elsewhere?
Do you have family and where are they?
Are you single?
If you weren't single, would you stay in London for them?
If you are stuck in the position of needing to keep the current job in London for some time but don't want to live in London, could you buy somewhere outside of London and commute (baring in mind rail fares have gone up) ?
I moved to London for a job and to be near my girlfriend at the time.
Rented a place, got married, tried to buy a place but the market crashed and now can't get enough for a deposit. Then we had kids.
I also am in a media job that is very difficult to find anywhere outside of London.
While you have funds spare to save, do it. Get that deposit because you never know what's going to happen in your life.
