Timothy Lambert, Head of Consulting at Ducalian, said first-time buyers should not be pressured into buying at the moment because they believe the bottom of the market is imminent.
He continued: “This is not the case but is portrayed this way in the media.
“Often, there are up to six buyers for every one property and consequently people are paying the asking price when they really shouldn’t.”
Mr Lambert stressed that buyers should consider whether they are paying the right price for a house before parting with any cash.
The Land Registry’s flagship house price index shows that in April, house prices increased by 0.2% since March, marking an annual rise of 8.5%.
It found that the region with the highest annual price change was London with an increase of 14.8%.
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