Research more important than ever for FTBs

A window of opportunity is now opening up for first-time buyers - but it will be slammed shut again if they do not do sufficient research, it has been suggested.

With house prices set to stagnate over the coming months, Firstrung CEO Paul Holmes has admitted that prices are still far too high for many prospective buyers, but notes that those who can afford to remain should have more bargaining power in future.

This will certainly be the case if such buyers thoroughly research the surrounding area prior to making an offer, he added.

"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," Mr Holmes asserted.

"If you're a first time buyer today, you are losing out nothing – the market's not moving ahead so you're not losing out on any profit, [and] there's going to be a surplus of stock on the marketplace," Mr Holmes summed up.

Find your perfect plot of land with BuildStore's PlotSearch

© Adfero Ltd