You could be forgiven for thinking it's all doom and gloom for today's first-time buyers. But there are ways to make it more affordable, such as buying with a partner or friends.
The obvious advantage of buying with someone else is that it allows you to buy a bigger and possibly better home in the area of your choice. However, it's always advisable to rent together for at least six months first; if there are too many disagreements, it's much easier to walk away from a tenancy agreement than a joint mortgage.
Viewing properties
It's important that the estate agents regard you as a serious applicant. Show willing and be eager to view, and you'll be top of the list when something new comes on the books. Call them regularly - they'll think of you first when a property comes on the market.
Here are some useful tips to keep in mind when looking for the house of your dreams:
View the properties as soon as possible. Leave it too long and you could lose the house. If two of you are buying and you have children, decide which one of you will be the chief viewer, whose job it is to weed out all but the strongest candidates.
If you're tempted to buy a run-down property to renovate and sell on, check how long it's been on the market. If it's been there a long time, it suggests there isn't a lot of profit to be made.
New carpets, bathrooms and kitchens can be signs of a superficial renovation that is hiding more serious work to be done.
Putting in an offer
It's human nature to try to strike a deal, but if you find your ideal home and it seems to be priced correctly, consider offering the full asking price. This means you'll be taken seriously, there won't be any time-wasting and it will lessen the possibility of another party stepping in (see Gazumping, below).
All offers should be made with the stipulation of taking the property off the market. Getting a 'Sold' board outside is a good way to dissuade others from looking.
Chains
Most houses are sold as links in a chain but, unfortunately, one in three property chains fall apart. This can happen for numerous reasons, from one party not having their finances in order, to an unpleasant surprise in the survey.
Under present British house-buying and selling practice, little can be done to alter the process, although the Government is proposing a legislation that will require home owners or their selling agents to provide a Home Information Pack (sellers pack or HIP) to prospective buyers on request.
The best way to ensure a chain progresses smoothly is through good communication. Stay in regular contact with your solicitor and estate agent to make sure everything possible is being done to speed things along.
It can also help to stay flexible. Be prepared to move in with your family or rent as a short-term measure if it means you can keep the chain going.
Gazumping
Gazumping - outbidding rivals at the last minute - is a horror estate agents are powerless to stop (even if they wanted to!). Under the Estate Agency Act, they're obliged to pass on all offers they receive, although a determined buyer will probably go straight to the vendor.
Offer the full asking price and request the property be removed from the market. Be flexible with the vendor and don't quibble over minor points.
Make it clear you're willing to complete on their timescale, not yours.
Be nice to the vendor - if you've established some kind of relationship with them, it should be harder for them to let you down.