The UK situation is extreme, particularly in London. My girlfriend and I got jobs straight out of university, and we could forget buying a place, and even renting was using up so much of our income that it was just a treadmill.
We left, basically. We've moved to Vienna (Austria) and living relatively cheaply in my late grandmother's place. I'm trying to get a startup off the ground, she's slowly figuring out what she wants to do.
And yeah, we're super-lucky to even have that opportunity.
I honestly don't know how London is staying as populous as it is. As far as I can see you're completely stuck with graduate salaries. (except in banking)
Yea, London is a total joke, as is Dublin - I have a few friends who rent in Dublin, and they live in a shoe box for a lot of rent (don't really know anyone in London)!
I am in Belfast, where the property prices only ballooned about 2 years ago, so I got lucky. Only a year or so after I got my house, friends were buying similar sized places that are less central for twice what I paid, not good!
* buy a place with one of your mates and share it * Meet a girlfriend/wife that earns a similar amount to yourself
The important thing seems to be to get onto the property ladder as quickly as possible.
As for savings, save as much as you can afford - I probably save 10 - 15% of my salary at the moment (no family to worry about) and it leaves me with enough beer money too!