Property market is ‘favouring buyers’
The property market has swung into the favour of buyers, an expert has stated.
According to Paul Holmes, the chief executive of Firstrung, the UK is taking a long time to "wake up" to the fact that house buyers are in a stronger position than sellers.
"It is a buyer's market and not a seller's market," he stated.
However, first-time buyers are still not in a very strong position, Mr Holmes admitted.
"First-time buyers may be in a better position than for a long time to negotiate the price down, but finding a mortgage in order to complete the purchase is a completely different issue," he said.
Mr Holmes noted that the best mortgage deal many first-time buyers will be able to find is a 92 per cent loan-to-value agreement.
He advised that people looking for their first property view as many different houses as possible.
In other news today, the latest Nationwide house price survey has revealed that values are 4.4 per cent lower than this time last year.
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