'Not even enough to get a garage'

Emeka Njodi is one of many potential first-time buyers who have abandoned attempts to get on to the property ladder.

The 24-year-old has spent the past three months looking for a two-bedroom house in Crouch End to share with his fiance, Jenny Mathieson, 25. He said: "We can't find what we want for under £180,000 and can only secure an acceptable mortgage for ?140,000. It's not enough to buy a garage."

The couple have a combined income of £45,000 and a £15,000 deposit. Mr Njodi, who works in PR, said: "It's a shame. I know one person of my age who owns a house. My friends are graduates earning decent enough wages, but it is the way it is."