First-time buyers and buy-to-let investors are both well positioned to benefit from the slowdown in the housing market this year, a property expert has said.

Stuart Law, chief executive of property investment firm Assetz, explained that the cool down means that people trying to get onto the property ladder have "an excellent opportunity" to snap up their first home.

"[They] should strike while the iron is hot and take advantage of some nervy moves from developers and vendors looking to sell quickly, with reduced prices and tempting buyer incentives currently available," he said.

Mr Law also pointed out that the slowing market is good news for investors, commenting that it is "difficult to see anything other than another successful year ahead" for this section of the market as large numbers of people are continuing to seek rented accommodation.

However, he argued that a number of factors are "fuelling the need for a cut in interest rates" when the Bank of England''s monetary policy committee meets in February.

Earlier this month, the Bank decided to hold the base rate at 5.5 per cent after reducing it by 0.25 per cent in December.