Imagine if someone offered you a newly renovated rent-free flat in one of London's most exclusive districts. And £24,000 cash on top. Sounds too good to be true?

In this case it's not. It's exactly what has happened to 32-year-old Ryan Crabbe and his wife Kiera after they won a competition yesterday in London's Kensington.

The lucky couple will move into the luxury flat next month after answering a few questions and completing some basic household tasks against the clock.

In addition to living rent-free in a flat that would usually command £2,000 a month, the competition organisers Studio B will match up to that amount any savings that the winner puts aside while living in the flat.

Husband and wife Ryan and Kiera Crabbe are looking to move into the flat on Kensington's Church Street next month

The couple had written off ever buying a home in London, but can now save for a deposit

Ryan and Kiera aim to take up this offer by putting aside the maximum of £2,000, meaning that they will end up with £48,000 at the end of the year (£24,000 of their own and the same from Studio B).

Ryan told the MailOnline: 'My wife and I had written off ever buying a home of our own in London. But this means we can save £48,000 over the course of the year while we're living in the flat.'

Ryan had not seen the flat before the competition, which attracted more than 200 entrants.

'I've seen some pictures of the flat and we are going to see it soon. My wife is happy as it has a bath,' he said.

Studio B is Clydesdale and Yorkshire Banks' new flagship store on Kensington High Street, and the couple - who currently rent around the corner from their luxury new home, in a much smaller studio costing £1,500 a month - received their prize from television presenter Amanda Lamb.

Research by Studio B found that 23 per cent of London renters aged between 18 and 40 never expect to be able to afford a deposit on a home. Almost one in three - at 30 per cent - do not save any money in an average month, while the majority - at 59 per cent - cite high rent as the main barrier to saving more.

But even with their incredible windfall, Ryan and Kiera are not sure they will be able to buy.

'It depends where in London,' said Ryan, who is a freelance digital consultant. 'But it will help us with the deposit. And the only hope we had of being able to buy before was if house prices went down.'

The average price of a property in the UK is £301,008, according to property website Zoopla. However, this increases substantial in London, where demand for homes is greater.

The competition was run by Studio B, Clydesdale and Yorkshire Banks' new flagship store on Kensington High Street - just around the corner from the new flat

Average values in the capital are £668,170, having risen £13,870 during the past year.

Kensington is one of the most expensive areas in the country, and average values are £2,108,054. Although there is a small glimmer of hope for first-time buyers with a generous budget as prices in the area have dropped £54,069 during the past year.

It follows the overhaul of stamp duty that has hit more expensive homes.

But even with a deposit of £50,000 and four times average earnings as a mortgage, most buyers would struggle to get anywhere near being able to afford to buy in Kensington.

Ryan and Kiera are looking to move into the flat on Kensington's Church Street next month.