House Buyers 2007.... Why?

[Garp]

I know a few examples of people back home who have gone from rented accommodation into purchased accommodation and the mortgage payment is barely half the rent payment for a similar size abode. London really is a bit of an abberation when it comes to prices. Even back home is to an extent (£130k for a 1 bedroom flat is a joke!)
It depends on the who and wherefores of it all. I want a place of my own. I don't want to be shelling out money month on month in rent which is just lining someone else's pocket. Provided you're sensible about the mortgage you take out (i.e. don't listen to what the bank tells you you can afford as they're rather keen on over stating the amount), keeping its size and payment rates reasonable, then there is little reason for you to default on a mortgage; particularly if you're sensible enough to have payment insurance on it so you're covered in case of redundancy.
To be honest, unless something drastic happens to our economy a crash is unlikely. At most what we're liable to see is a cool down in price increases. Bricks and Mortar should still be a fairly safe investment.