FTBs can bag a bargain

First-time buyers (FTBs) can get their hands on a bargain property as the market is currently positioned in their favour, according to Mighty Homes.

The firm says that it is currently a buyers' market and some sellers are willing to accept relatively low offers for their properties because they are struggling to find buyers.

James Tout from Mighty Homes said that FTBs need to take the initiative and pursue their first home.

"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," he said.

"This represents a clear opportunity for first time buyers to take advantage particularly if they don’t mind a bit of DIY.

"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?" continued Mr Tout.