28 May

Brits 'should wake up' to the fact it's a buyer's market

Brits 'should wake up' to the fact it's a buyer's market

Many Britons still need to "wake up" to the fact that it is current a buyer's market, the chief executive of Firstrung has claimed.

Paul Holmes suggested that first time-buyers "may be in a better position than for a long time to negotiate the price down".

However, he did acknowledge that finding a mortgage to fund such a purchase may be difficult, as 100 per cent loan-to-value mortgages have disappeared from the market and 95 per cent products are "rare".

His advice to first-time buyers was to "look at as many varying properties as they can. They know at the moment that they're not in a situation where they have to rush into any decision and it is the vendor who is, as the Americans call it, motivated."

Nationwide's house price index recorded a fall in April, taking the average cost of a property to £178,555.

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