Property market 'is ideal for buyers'

Very few people in the UK are fully aware that the current property market is ideal for buyers, according to an expert.

Paul Holmes, the chief executive officer of advice company Firstrung, has stated that current conditions in the sector make it "a buyer's market and not a seller's market".

However, he added that finding a mortgage may prove to be an issue for some potential homebuyers.

"One hundred per cent mortgages have disappeared from the market place and 95 per cent mortgages are quite rare," he explained.

"The majority of first time buyers are having to have, at best, 92 per cent mortgages if they are to enjoy a decent interest rate."

He concluded that those looking to acquire their first home should consider as many different properties as they can and not rush into a decision.

Recent figures from Nationwide found that house prices fell for the sixth consecutive month in April.

The company claimed that the average cost of a home in the month was £178,555.

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