Property market needs to be 'left to reach a natural bottom'

The housing market should be left to its own devices to sort itself out naturally without government aid, it has been suggested.

Following the announcement of a new £50 billion package to boost mortgage lending, Firstrung - a company specialising in helping first-time buyers get on the property ladder - has said the government should avoid trying to boost house prices.

The company's chief executive Paul Holmes asserted it should instead focus on helping existing mortgage holders who may be struggling with the changing market.

"What the housing market needs is to simply be left alone and finally be allowed to find its own level," he explained.

Mr Holes added the government feels the need to give homeowners a feel-good factor ahead of next year's election.

He said the government has already poured £750 million into the market and questioned the need for more investment.

If his comments come to pass and the market is left to reach a natural bottom, some homeowners may consider investing a kitchen extension or conservatory to add value to their property.