Are you buying your first property? There are probably a million questions going through you mind and your stomach is churning between excitement and fear. However, you are not alone. Millions of first-time buyers are also braced with the uncertainty and great financial expensive involved in buying a property.

Average house prices in Great Britain, outside of London are around ?160,000. With most mortgages asking for 5-10% deposit, you will need ?8000-?16,000 before you can even consider cursory looks in estate agent''s windows.

However, there has been a mild improvement in the number of high loan-to-value mortgages available on the market, so rates will slowly become more affordable.

When you begin your property search, ask estate agents the average price of a one or two-bedroomed flat in the areas you are looking in. You may find that some areas you can get a lot more value for money than others.

You will also need to decide what is more appealing to you, location or the actual property. Buying a property, unless you are a footballer or investment banker, involves a lot of compromise. You are unlikely to find the perfect house in your ideal area, so deciding what works best for you upfront will prevent heartache in the future.

As a first time buyer, you should consider buying a house that you can add value too. After all, your first home is now going to be your only home, and in most cases in fact, it is likely to be a stepping-stone to your main family property.

Therefore look for houses where you can add space, such as an extension or conservatory, or houses and apartments where walls can be knocked down creating more usable spaces, such as eat-in kitchens and open plan lounge diners.

Once you have made these decisions and set some priorities you will know how much you will need to spend. You then need to work out how much you can afford to spend on a mortgage each month and hope they tie up. Once you have the maths in order, only then can you approach a bank about a mortgage.

First time buyers are now able to get onto the ladder thanks to a mild relative fall in property prices. An increase in supply means buyers now have more bargaining power so a buyers market is emerging.

Get on the property ladder now and make the most of low interests and a buyers market while you still can.

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