In this paper, we present a novel joint symbol timing and carrier frequency synchronization algorithm for orthogonal frequency division multiplexing (OFDM) system with very low hardware complexity. Although we developed the proposed algorithm with reference to the DVB-SH standard, it is easily adaptable to other OFDM based systems. A well-known problem in OFDM modulation is its vulnerability to synchronization errors. In particular, accurate recovery of carrier frequency and symbol timing is crucial for the proper demodulation of the received packets. The proposed algorithm has low hardware complexity, and at the same time achieves very good performance in both AWGN and multipath channels. Finally, the paper includes also a detailed comparison of the proposed technique with several time and frequency synchronization algorithms already presented in the scientific literature and compliant with the DVB-SH physical layer.