Rent/mortgage conundrum

[fiatpower]

I'm looking to make my first step onto the property ladder over the next couple of years and have a few options available to me. Completely unsure which one would be best for me so would be good to get the opinions of others who have experience in the market.

Bit of background:

I'm 24 living with a long term girlfriend. Combined income of around 60k, currently saving around £1500 between us so by July we will have saved around 15k. We are in a rent contract until July so in no rush to make a decision.

Option 1. Continue renting until I have around a 10% deposit (approx 25k) to put down. This would probably be around a year. Go and rent in the mean time. My problem with this is that the rent is dead money and pretty much paying off someone' else's mortgage.

Option 2. Take the 15k saved by July and buy a nice 2 bed apartment/flat. I'd be paying off my own mortgage that way at least. In the meantime I can continue saving for the next step up the property ladder. Issue wih this is that I'd prefer a house but I would be able to survive in a flat for a few years.

Option 3. Take the 15k and look for a 95% deposit on a similar house to what I'd be looking to buy in option 1/next step in option 2. My issue with this is that I have heard that 95% deposits are pretty risky in case of a sudden house price drop.

What would you do?

[fiatpower]

okgo said:

If the time to save for the house he wants was measured in years vs the flat then yes. But am extra few months is nothing. You'd be a fool to buy something that didn't really satisfy you for the sake of saving a few quid in rent. And as said above anything you saved would be eaten by moving twice vs once.

I think it could be 18 to 24 months until I had a reasonable amount saved up. If I'm lucky it could be 12 months but like you said unseen circumstances could hinder my saving.