Masters of all they survey: the go-it-alone homeowners

Think you can't buy without a flatmate? Times are changing, says Esther Shaw

Tired of sharing a house or flat with friends, or fed up of renting and paying someone else's mortgage? Then you may be thinking it's time to get a place of your own.

Tired of sharing a house or flat with friends, or fed up of renting and paying someone else's mortgage? Then you may be thinking it's time to get a place of your own.

The problem is that, for months now, first-time buyers have heard nothing but doom and gloom about their chances of getting a foot on the property ladder - especially if they want to buy on their own.

A combination of rising house prices and the tough income multiples set by mortgage lenders (averaging 3.75 times salary) has meant that unless you have a hefty deposit saved up, it can be almost impossible to get a property for anywhere near the price you want to pay.

The solution, in many cases, has been to buy with a partner or friend. In this way, you will be able to borrow a higher amount based on a combination of two salaries. This does have its advantages: not only do you get to share the cost of the mortgage and the deposit, but you can split household bills and the cost of repairs, maintenance and improvements.

But the arrangement has its disadvantages too.

Your living space is not your own, and there's the risk that you and your co-owner could fall out or want to go your separate ways in the future.

While you can draw up a trust deed to smooth out these problems, many industry experts still believe that buying alone is a far better option.

The good news is that the housing market has been slowing down over the past year, making it easier now for you to think about going it alone.

Better still, it's become a buyer's market, where more people want to sell than to buy - enabling you to barter over the price you pay more aggressively than in the boom years.

If, as is likely, you're buying a property at the bottom end of the market, then changes in stamp duty introduced by Chancellor Gordon Brown in the last Budget could also work in your favour.

The threshold at which the basic 1 per cent rate of stamp duty becomes payable has been doubled to £120,000.

Two types of single buyer, in particular, are on the rise.

Single women account for a growing percentage of new mortgages taken out, according to recent research from the Halifax bank. The figure has more than doubled in the past 20 years and now makes up nearly a quarter of the market, it says.

And because of rising rates of divorce in Britain, men are increasingly seeking a place of their own after leaving the former family home.

Whatever the reason for choosing to buy by yourself, affordability is the biggest issue. And for first-time buyers, there are signs that lenders are starting to show more flexibility when deciding how much customers can borrow. The Halifax and Northern Rock are among those prepared to increase income multiples - provided applicants have a good credit rating - rather than sticking rigidly to the usual guidelines.

But the recent house price rises are still likely to mean that would-be first-time buyers may need some form of financial support from their family.

One option is a guarantor mortgage, where a parent promises to cover the monthly loan repayment if the buyer runs into financial problems. Deals of this kind are offered by lenders such as Northern Rock and the Portman and Nationwide building societies.

Alternatively, the Bank of Ireland has a First Start Mortgage, taken out jointly by parents and children. The loan size is calculated by multiplying the parents' income by four and adding it to the child's.

Or, if the parents have plenty of savings, they could put their money in an account where it is offset against their child's mortgage. The Woolwich is one lender offering such a deal.

This way, says Duncan Pownall from mortgage broker Bradford & Bingley, they can help reduce the repayments but still gain access to their money when they need it. While your parents' savings won't earn interest, neither will they incur tax.

The purchase of the property itself is only the beginning of a long line of expenses during the buying process. These include stamp duty, and legal and surveyors' fees. Then, once you've moved into your new home, you'll need to furnish it and pay for any essential repairs.

Although you'll have to shoulder the cost of all these bills yourself, living alone means you get a 25 per cent reduction on your council tax.

Alternatively, if you have a second bedroom, you could get a lodger to share some of the costs. Under the Government's rent-a-room scheme, you can earn up to £4,250 a year from rent tax-free.

"However, if you are going to rent out a room, you are legally required to disclose this to your lender," warns Elliot Nathan of mortgage broker John Charcol. "Some lenders are wary about you doing this because of the risk posed by having a lodger in the house."

This is especially the case if you find yourself unable to keep up with your mortgage repayments, he says. "Your tenant retains squatter's rights - even if you are evicted."

ON THE LADDER: WHY A RUN-DOWN SEMI BEATS RENTING

Years of spending "dead money" on renting prompted 25-year-old Gareth Twohey, from south Leeds, to buy his first home on his own 12 months ago.

Even though Gareth earns a reasonable salary working as a sales manager, affordability was still a problem for him.

"I couldn't buy with my girlfriend at the time as she was still at university," he says. "I also didn't want to buy with a friend, as it turns the friendship into a business relationship."

The only way Gareth found he could afford to buy was by opting for a property in need of repair.

"I bought a two-bed semi for £82,000 which was falling to bits at the time," he says. "It still needs a lot of work, but at least I'm now a homeowner."

He took out a five-year fixed-rate deal with the Halifax at 5.49 per cent, and is making savings compared with his monthly outgoings while renting.

He is also looking into getting a lodger to help with household costs.

"I was paying £750 a month to rent - including bills," he adds. "But I now pay £550 a month on my mortgage, and then an extra £120 on council tax and other bills - bringing this to a total of around £720.

"And sharing the costs with a lodger will mean I have more money to spend on improving the place."