How much for a comfortable living?

£476 p/w is the average? I think you're a little off there, tbh. I'm assuming that's net; is it inclusive of pension deductions?

Put it this way; I'm earning a little bit less than that and, living at home, I'd say I'm living "ok" - certainly not particularly well. And as for moving out? I think the fact I need to go half way with a mate, on a very cheap house - "in need of modernisation"! - says it all, really.

bornfishy.

And then take into consideration:
- Mortgage

You need a mortgage instead of renting for a 'comfortable living'?

Mortgage or rent then. Theres not much difference.

But you can't compare buying to renting on price alone. You have to look at other factors. For example;

When buying, you own the property; you don't simply live there. You have legal liability for the property; it is counted as one of your assets and you can use it as security. It also means that should the value of the property increase, your mortgage payments remain the same. Consequently, you begin to make money on it.

Renting a place is exactly that; you don't own any rights to the property itself and have no guarantee that you are able to live there as long as you like. Yes, it's easier to move but none of the money you spend on the property pays towards buying the property itself. Rent can also be volatile; should the value of the property increase, the landlord can easily up the rent.

Maybe I'm being a little biased here, but I just think renting is simply money down the drain. I understand house prices are ridiculous at the moment but I would recommend anyone that can, SHOULD get on the property ladder as soon as possible.

- The amount you spend on interest repayments is much more than what you pay in rent, for the same property. Both rent and interest repayments are the same concept of money down the drain.
- A mortgage ties you down to the same place, it is a proper hassle moving, whereas with renting you're free to change cities etc very easily.
- What goes up may easily come down, has been heavily in the press recently about how overvalued London property prices are and I wouldn't be surprised if next year the price starts falling.

For the record I have a mortgage, because I can easily afford one so may as well, but it's by no means necessary for a "comfortable living" - there's 30yo bankers where I work who've always rented nice places and never bothered with mortgages.

- The amount you spend on interest repayments is much more than what you pay in rent, for the same property. Both rent and interest repayments are the same concept of money down the drain.
- A mortgage ties you down to the same place, it is a proper hassle moving, whereas with renting you're free to change cities etc very easily.
- What goes up may easily come down, has been heavily in the press recently about how overvalued London property prices are and I wouldn't be surprised if next year the price starts falling.

For the record I have a mortgage, because I can easily afford one so may as well, but it's by no means necessary for a "comfortable living" - there's 30yo bankers where I work who've always rented nice places and never bothered with mortgages.

What I was saying that one of the advantages of your own property is that it is counted as an asset. Granted, interest repayments do mount up but so do rent prices. Owning a £200k house means exactly that; £200k is added to your net worth.