I paid those interest rates, it was difficult for a couple of years, people lost their homes. But Sussex house prices were 1/7th of where there are today.
First time buyers don’t have it easy now, unless rich parents have paid a huge deposit.
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I had to sell a place in Devon to move to Sussex for work in 1991…….ended up with a mortgage of about 110% due to negative equity after losing so much on the Devon property. Tough few years on one income with a young family and mortgage rates of about 10%