I live in Norwich and house prices have been rising and rising in the last few years/months. I've just started earning ?29,000 a year and it's dawned on me that at the moment I could just about afford to buy a house rather than rent - and I would hate to look back in five years and think 'why didn't I buy then when I could (and made a few ???)'

I don't have a deposit and don't want to pay much more than I would be paying in rent so would need to get a 100% mortgage, probably even interest only, but essentially I'm thinking why should I pay ?600pm renting and end up with nothing after five years when I can pay ?600pm on a mortgage and end up in five years with a house worth several thousand more than what I paid for it (if I sell then I'm quids in and in the same position as if I had rented).

Have I done the maths wrong?? It seems to make sense and I'm being encouraged to buy by family members who have made ??? over the last few years buying and then renting property - but I'm still not sure - am I naive to think that the market will continue to rise? It's strange - a week ago I was fingers crossed the market would crash one day so I could afford to buy, now I'm almost into a situation where I'm relying on the fact that it won't!

I don't mind renting so it's not about having my own home particularly, more the money making potential (or rather the thought of missing out). For info I'm looking at spending approx ?130,000 on a two bed north city terrace

Any thoughts/advice would be appreciated

Thanks
Jaylon