Market conditions 'favour first time buyers'

First time buyers can pick up a bargain as a result of changing market conditions, it has been claimed.

According to Firstrung, the transformation of the UK's property landscape into buyers' market has given first time buyers a fillip.

However, in order to make the most of the situation, they must be prepared to "push home" their advantage by ensuring they are well informed and conducting research online, Paul Holmes of Firstrung said.
He said: "I see that market now turning in favour of first time buyers.
"People should be offering what they can afford. If you're looking at a £200,000 property and really all you can afford is £175,000, that's what you should be offering. It's a marketplace: people can refuse you. Fine, move on to the next one.

"You can find through searches on the land registry or net house prices what similar houses have gone for in similar areas, what the outstanding mortgage is on the property, how long the owners have owned it, how much they paid, where they're thinking of going to…there is no excuse for not doing your research."