Well, I could afford it! That's more than I can say about most places.
I really am destined to rent forever aren't I. 
Don't worry too much about renting. It has been stigmatised somewhat in the 'British disease' of needing to own the house as racked up to screaming pitch by the unforgiven and unmissed Margaret Thatcher.
There is a lot to be said for renting, for example, the interest rates don't worry you half as much, if the house starts to subside and fall down, you skip off and find another one to rent, You can upsize or downsize at will, and as long as you pay your rent, these days you are as safe as... er.. Houses? If you can find a reasonable house at a reasonable rent you'll have a relatively worry-free life.
If you must own, save your pennies now and be ready to catch a repossession of some other unlucky poor soul that lose out in the upcoming housing bust and welcome to the treadmill. But don't think that there is anything to stop interest rates zooming all the way up to 15 or 16%. We all said it couldn't happen last time and 5 million lost their homes and as defaulters, can only rent, but are mostly in social housing.
It may be worth mentioning here that the reason Thatcher & Co were so keen to have a nation of home owners is the fact that you become a static target where you can always be found and taxed because all of your 'wealth' is tied into that address and they know where you live and you will respond to, and put up with, any situation that threatens your home.
I wish I had figured all this out thirty years ago.........