First-time buyers 'should not rush a decision'

First-time buyers in the UK have been urged to not rush into any decision regarding a new property.

Paul Holmes, chief executive officer of advice body Firstrung, has stated that such people should look at as many homes as possible as the current market means that they are not in a situation where they need to make a quick move.

He added that at the moment, the sector is "a buyer''s market and not a seller''s market" and advised first-time buyers over the mortgage deals they should aim to get.

"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."

According to recent figures from building society Nationwide, house prices fell for the sixth month in a row in April.

The same study also found that the average cost of a home in the month was £178,555.

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