First-time buyers 'are in a strong negotiating position'

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First-time buyers 'are in a strong negotiating position'

It is currently a buyer's market in the UK, which some people have not yet realised, the chief executive of Firstrung has claimed.

Paul Holmes acknowledged that some buyers, particularly those looking to get on the property ladder for the first time, may be hampered by the disappearance of 100 per cent loan-to-value mortgages from the market and the rarity of 95 per cent products.

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

Mr Holmes' advice to them 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 April house price index recorded a fall from the previous month, taking the average cost of a UK property to £178,555.
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