Facebook links first-time buyers

First-time buyers are now so desperate to get on the London property ladder they are turning to Facebook to find people to invest with.

A new group on the social networking website links buyers in the same way people might look for a flatmate or date.

The Share to Buy group has a wall where anyone can post details of where they want to live, their budget and the sort of people they want to live with. Among the 70 to sign up in the first week was 31-year-old software worker Kay Ferris, who lives in East Dulwich.

She has been looking for her own place for the last three months since her landlord told her he was selling up next year.

Ms Ferris said: "I have only been paying £750 a month rent, which was very lucky, but now I am having to look for somewhere else. I can afford a mortgage of about £160,000 on my own, and it's hard to find even a one-bed flat with that." Ms Ferris is looking for a flat or house in south-east London but is open minded about her potential housing partner. "They would have to be a professional, but I don't think I would mind if they were male or female. I don't think you can tell if you could live with someone until you meet them.

"I would definitely want to meet them in the flesh to see how we got on. But I'm not worried about lots of people contacting me on the web - it will give me a lot of options."

The group is the idea of Chingfordbased mortgage broker James Cartlidge and follows on from a shared mortgage website he set up three years ago. The 33-year-old said he got the idea after people started contacting him asking if he could put them in touch with potential sharers. Mr Cartlidge can provide a contract that will cover nightmare scenarios like one half walking away from the deal.