FTBs can still find bargains

First time buyers (FTBs) may be able to land themselves a bargain as a result of a slowing housing market.

Despite many FTBs struggling with affordability, Mighty Homes points out that we are currently operating in a buyers' market, giving FTBs an advantage.

The firm says that buyers should use this advantage and try to secure a property for a low price.

"Having recently visited 12 property auctions in the last month nearly 50 per cent of properties have struggled to meet reserve prices and remain unsold. This represents a clear opportunity for first time buyers to take advantage particularly if they don't mind a bit of DIY," said James Tout from Mighty Homes.

"Go along to the auction and if you don’t want to bid and be bound by the terms of an auction sale just wait and see if a property doesn't meet its reserve price.

"Approach the auction house and see if the seller will take an offer from you. In most cases they will as why else would you sell a property at auction?" he continued.

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