Home seekers ''beware the risky property market''

One housing expert has given first-time buyers seeking homes in January some advice about the New Year''s property market.

Paul Holmes, the chief executive officer of Firstrung which offers solutions to first-time buyers, said that there is less choice because estate agents have fewer properties on their books at the moment.

He advised the buyers not to rush but to find a vendor who is really keen to sell.

Mr Holmes said: "If you''re going to buy, try and insulate yourself against any potential downside.

"Particularly for first time buyers if you''ve been sat on the sideline for a long time, now is certainly not the time to jump in and panic-buy because you''re not losing out on anything in 2007, but a rash decision could find you paying far too much for a property."

New figures from Halifax, a mortgage provider, show that first-time buyers are spending an average £150,000 on their new home - a rise on last year''s price.


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