A lease option mortgage will soon become a valid choice for many first-time buyers who cannot finance the traditional amount of 15-30 per cent and take a first step on to the property ladder, it has been suggested.

Lease option products allow the tenant to raise two to three per cent to raise enough to buy a home during a three to six-year period and Sarah Barrett has indicated they could be about to take off.

The creative property solutions expert said: "With inflation on the rise and rates going up, there is increasing insecurity in the property market. Lease options are the way to freeze prices today."

According to the BBC the average house price was £224,064 in 2009 and the average deposit needed to secure a mortgage was estimated at £32,000.

Other advantages of lease options include allowing the buyer to settle the price in advance and ensure the property value does not change.

The Council of Mortgage Lenders predicts that mortgage lending will pick up gradually as the market becomes more competitive.

People planning to move house may wish to consider using self storage facilities.

Written by Emily Sanders