A cooling housing market could be good news for people trying to get onto the property ladder, it has been suggested.

Years of soaring house prices have left many people concerned about their ability to afford a home but in recent months, experts have predicted that the market will slow down in 2008.

David Kuo, head of personal finance at Fool.co.uk, said that this "is good news for buyers and it is exactly what they have been waiting for".

"I think we are already seeing indications – in December house prices were starting to moderate, and I think that will continue through 2008 itself."

This view is supported by Nationwide, who last year forecast that house price growth would be flat in 2008.

Recent research from Fool.co.uk revealed that buyers are not at all put off property ownership by the thought of possible price drops, with 50 per cent of people planning to buy in the next five years.

However, Mr Kuo suggested that they should still carefully consider their situation when looking for a property as prices will still be fairly high.

"First-time buyers have to be very, very cautious I think," he warned.