I'm late as always, and can't be arsed to read through all the answers so sorry in advance if I'm repeating something.

The thing is, UK doesn't really compare directly with X country. In the US, it's preferable to buy, that's what a majority of people do, and house prices are more affordable. People in general have more cars, and don't rely on public transport. In Europe on the other hand, renting is often the better option, and is more typically done. For example, in Finland, the average age when a person buys a property is considerably higher than say in the US. There are several reasons for that, no need to go into that here.

In this country, it's a two-fold. I don't know about Liverpool, it's probably way more affordable up there than it is down in London where the house prices are ridiculous and most people just can't afford to buy.

When I moved here in March, I wanted to rent, because we didn't know the place, and didn't know where to buy etc. I've liked it, because when you rent, you're 'free' - if your boiler breaks down, it's not your responsibility. You don't need to dish out the cash for it, your landlord takes care of it. Then comes the buts, and now I've lived here for a while, I can't wait to buy a property.

In fact, I'm putting in an offer on a property tomorrow. It's ridiculously expensive for what it's worth, but then that's London for you. It's a nice flat, has got a big garden, it's not big but it's got atmospheare, it's a very reasonable commute for both of us etc. We just fell in love with the place at first sight, and I will do everything I can to get it. The mortgage "agreement on principle" hasn't come through yet, but it will.

The thing is, even if you want a mortgage which is more than three or four times your salary, you can still get it nowadays. The lenders know that most people couldn't afford to buy if they didn't give way, and that's how it's done nowadays. If they weren't flexible, most people in London could not afford to buy, that's the reality.

I suggest you find yourself a good mortgage advisor, and they'll tell you everything you need to know. Better yet, talk to someone who's just recently bought a house. But make sure you know the realities - you will need to dish out at least £3,000 initially for essentials - stamp duty, solicitors' fees, mortgage advisors' fees, surveys.............even if you're getting 100% mortgage, you still need to have a couple of thousand for the running costs. And you need to make sure you have enough to deal with any emergencies - broken down boilers, dishwashers etc.... The list is endless.

I would say rent first, whilst you're looking. If you can get a rental agreement with a short rental period - make sure you're not committed for a year. And take your time looking around. On the other hand, you've got the upper hand that you live with your parents - an excellent opportunity to save up!

Between the two of us, we're spending at the moment almost £15,000 a year on rent - I'd rather be paying that money towards my own house, rather than help build someone else's property empire. I love this place, and I don't want to move out, but it's way too much to pay for something you'll never see the return of.

Kev, I've been doing extensive research on this the last couple of weeks, if you want any pointers, checklists, questions to ask etc.... pm me. Buying by yourself is more difficult than if you were buying with someone else, but it's not impossible.