Are we in a buyer’s property market? Are homebuyers negotiating better deals?

by Aaron Strutt

Jul 30 2026

The UK housing market has become more favourable for buyers, although it would be misleading to describe every region and property type as a full buyer’s market.

Homebuyers generally have more negotiating power than they did during the highly competitive market of 2021 and 2022. Higher mortgage costs have reduced the number of people actively looking to purchase, while the supply of homes for sale has remained relatively resilient.

Connells Group recorded 1% more homes coming onto the market in the second quarter of 2026 than a year earlier, while sales agreed were 4.2% lower. New buyer registrations also fell by double digits across Great Britain.

This balance means many sellers must work harder to secure a buyer, particularly when their property has been optimistically priced. Especially when they are trying to sell a flat in many cases. While mortgage rates are higher, the lenders typically have more generous acceptance criteria with larger income multiples. 

Are buyers securing properties below the asking price?

Connells data shows there is still demand in the market, but buyers have become more price sensitive and more cautious about stretching their budgets. In Q2 2026, 17% of homes sold above their initial asking price, down from 20% a year earlier and well below the 46% peak recorded in 2022.me every seller will accept a substantial discount. Average prices for sales agreed were still 1.9% higher than a year earlier. This suggests that pricing power has weakened, rather than disappeared completely.

Meanwhile, the middle price bands have been more resilient. Around 17% of homes priced between £250,000 and £500,000 sold above asking price in Q2, only slightly below the average, while the £500,000 to £1m bracket saw the smallest year-on-year fall.

Where do buyers have the greatest negotiating power?

The market varies significantly by region. In London and the South of England, only 13% of homes sold for more than their original asking price during the second quarter. This compares with 21% across the Midlands and the North, where lower property prices have helped demand remain stronger.

London and the East of England were also the only regions in the Connells report where agreed sale prices were lower than a year earlier, falling by 1.9% and 0.7% respectively. Buyers searching in higher-priced southern markets may therefore be particularly well placed to negotiate.

There may also be opportunities involving:

• Properties that have been listed for several months

• Homes where a previous sale has fallen through

• Sellers who have already found another property

• Empty, inherited or tenanted properties

• Homes requiring refurbishment

• Leasehold flats with high service charges

• Properties with short leases or complicated lease terms

• Homes originally marketed at an unrealistic price

Leasehold properties appear particularly exposed. Only 20% of leasehold homes in England and Wales went under offer within a month during the second quarter, compared with 28% of freehold properties. Higher service charges and uncertainty around some lease structures are making buyers more cautious.

Are more people buying homes?

Official transaction figures from Gov.uk show that 98,450 UK residential transactions completed in May 2026 on a seasonally adjusted basis. This was 17% higher than in May 2025 but 2% lower than in April 2026. However, the annual comparison was distorted by unusually weak activity following the stamp-duty changes in April 2025. 

HMRC also points out that completion figures generally relate to offers accepted two to four months earlier, so they do not necessarily show the current strength of buyer demand.

The figures therefore suggest that the market is continuing to function, rather than experiencing either a dramatic rebound or a widespread collapse.

How much should buyers offer below the asking price?

There is no fixed percentage that works for every property. A sensible offer should reflect:

• Recent completed sale prices for comparable homes

• How long the property has been marketed

• Whether the asking price has already been reduced

• The condition of the property

• Likely repair or renovation costs

• The seller’s circumstances and timescale

• The level of competition from other buyers

A property that has just come onto the market at a realistic price may attract several offers. In contrast, a home that has been available for months, needs significant work or has already lost a buyer may offer considerably more scope for negotiation.

Buyers should also remember that the strongest offer is not always the highest. A first-time buyer with a mortgage agreement in principle, a solicitor ready to act and no related sale may be more attractive than someone offering slightly more but involved in a long chain.

Is now a good time to buy?

For buyers with secure employment, an adequate deposit and affordable mortgage repayments, current conditions may provide a useful window in which to negotiate.

There is more choice in parts of the market, fewer properties are selling above asking price and some vendors are becoming more realistic. Buyers may also be able to negotiate over fixtures, completion dates or contributions towards repairs, even when the seller will not accept a substantially lower price.

The opportunity may not last indefinitely. Connells expects mortgage rates gradually to ease and forecasts modest mainstream house-price growth of around 2%. A faster reduction in mortgage rates could encourage more buyers to return, increasing competition and reducing negotiating power.

Aaron Strutt, product director at Trinity Financial, says: “Well-priced homes in desirable locations can still attract plenty of interest, so this is not a buyer’s market everywhere. However, sellers with properties that have been available for some time are often more willing to negotiate, especially if they need to move or have already had a sale fall through.

“Before making an offer, buyers should establish how much they can comfortably borrow and obtain a mortgage agreement in principle. Being financially prepared can strengthen their position and make a lower offer more attractive to a seller.”

Source: Connells Group report

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 020 7016 0790 to secure a fixed low deposit mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage