On top of it, a 300K Pound property doesn't necessarily get you much these days particularly on the island. That's a tiny 500sq ft two bedroom in Mid Levels for example. You choose to go out to a less desirable area for a better price however the banks would possibly require a higher downpayment particularly in light of recent comments that mortgages would be tightened. These kinds of property often fall first and are last to get back after crashes...