I think timeline and affordability are key - is the house something you can live in for the long term and within your budget? If you're a 2 income household and you went down to one income could you still afford it? If so then yeah I think it's a logical move.
What I would be concerned about is potentially the job situation and if your timeline is much shorter (ie. a step up house) but if you can afford it and plan to live there 10 years or more I say go for it. Future house prices are anyone's guess but the key is to find something long term within your budget
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