A RECORD number of homes sold for less than the asking price in March 2018, says the National Association of Estate Agents.

The month was "a buyer's market", said industry body NAEA Propertymark, with 86 per cent of sellers accepting offers below the asking price.

Only one in 10 properties sold for the original asking price, the lowest number since records began.

Meanwhile, the number of properties available to buy rose to its highest level since October 2017.

Demand for housing dropped slightly from February, and was down by 22 per cent compared to a year ago. Sales to first-time buyers also dipped a little.

Mark Hayward, chief executive of NAEA Propertymark, said the fact that buyers "have shifted into the power seat" would be "music to house-hunters’ ears – especially first-time buyers".

However, he predicted the market would eventually "swing back in the favour of homeowners".