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New buyers encouraged to think low

22/08/2008

People hoping to buy their first home should not be afraid to try their luck by making low offers, according to a market expert.

House prices have begun to fall in many parts of the UK and the latest figures compiled by the Land Registry showed that property values in Manchester dropped by 0.9 per cent during June.

Many market commentators have predicted that prices still have further to fall and it has been suggested that prospective buyers are sitting tight and waiting to see whether this is the case.

Paul Holmes, chief executive of property advice service First Rung, is among those who expect the value of houses to fall further, but he believes entrants to the market can take advantage of the situation now.

He is advising buyers to ignore the asking price of their dream home.

"Think about what it will be worth in a year's time and make your offer based on that - maybe you'll be able to pick up something cheaply," Mr Holmes explained.