We have been round this one many times. there are those who feel it is a great idea, and others who feel it is a shortsighted copout.
I fully agree that in certain areas of the UK the cost of housing has become a joke, but that is not the case throughout the whole country. It may be that people do not wish to move from where they were brought up, and that is their choice, but if it is the case of getting a home, then I do not see the problem. I would argue that the requirements to afford a home are not that much greater than many years ago, when saving for a deposit was a nightmare. I would also point out that in the long run people who do not have some form of investment, whether it be property or other financial means, will fall even further behind and that is not a position I would wish to contemplate at an elderly age.
In order to purchase our 1st home we sold the caravan, and could not afford another one for many years. That was our choice as we felt it was the only way to get ahead. I would also point out that inflation is offically marked at 2.5% but we all know it is realistically nearer 10%, therefore costs are going to increase faster than salaries so you need something that will adsorb that difference and property is one way that has stood the test of time, provided you are in for the long term. Prices will probably fall in the coming year, and then rise again as demand takes off.
For those that feel this is the best way to go, then fine, but do ensure you save enough to make sure you can rejoin the ladder at a future date. There are some in our current world who feel that declaring themselves bankrupt is the answer. Yes, it gets rid of the debts, but it does not resolve the problem and will be with you the rest of your life.
I would suggest anyone that feels their current problems can only be resolved this way should first seek some professional advice, just to make sure that they have not missed a better alternative.