28
May
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.
