It is a buyers market

The current UK housing market is geared towards first-time buyers (FTBs), according to Firstrung.

The firm says that FTBs are in a strong position and can make it onto the property ladder by doing their research.

Paul Holmes, chief executive officer at Firstrung points out that FTBs need to make sure they do not over stretch themselves financially and should 'press home their advantage' in the current climate.

"People should be offering what they can afford. If you're looking at a £200,000 property and really all you can afford is £175,000, that's what you should be offering," he said.

"It's a marketplace: people can refuse you. Fine, move on to the next one.

"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," added Mr Holmes.

The Bank of England recently predicted that the base rate of interest would be cut twice next year, providing yet more good news for FTBs.

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