The U.K.’s real estate market solidly favored buyers in March, as almost nine in 10 homes sold for below asking price, according to a report Friday from the U.K.’s National Association of Estate Agents.
Last month, 86% of properties—a record number—sold for less than their asking price, the highest level seen since records started being tracked in 2013, the report said.
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That’s an increase of 12% from February, when 74% of sellers accepted offers below their original asking price.
The figures indicate "that buyers have shifted into the power seat," said Mark Hayward, chief executive of the National Association of Estate Agents, in the report.
Meanwhile, inventory was up and demand was stagnant, further cementing the favorable conditions for U.K. buyers.
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The number of properties available per branch increased 14% from February, to 40 in March, the highest since October last year. And the number of registered house-hunters per branch in March dipped 0.3% compared to February.
But Mr. Hayward warned that the buyers’ market is a short-term triumph.
"Although demand has cooled off over the last few months and created these market conditions, it’s likely to increase again as those holding off on making purchases move to take advantage of these lower prices," he said.
"Ultimately, this means the number of offers accepted below asking price will fall again and the market will swing back in the favor of homeowners."