Sellers have a distinct advantage in today’s UK housing market, as demand continues to outpace supply, according to the latest figures. Discounts on properties have fallen to a five year low. Last month, online houses were only reduced by slightly more than 6%. This is the lowest amount of discount since discounts records started in the middle fall of 2010.

Additional data released indicated the average reduction carried a value of about £22,000.

Only 52 properties per estate agent were marketed during the month of May, according to the Royal Institution of Chartered Surveyors. In reviewing records from previous years, this is the lowest level of homes for sale since the late 1970s.

Lawrence Hall of Zoopla commented on the current data being released, saying: “After some uncertainty in the run-up to the election, sellers appear to now feel more confident that they can achieve closer to the asking price for their property, meaning reductions are rarer.”

Hall continued, saying: “Buyers may be disheartened by the decrease in the typical discounts on offer but can take cheer from the fact that almost a third of houses are listed today below their original asking price.

“This means that despite ever-increasing house prices, there is still room for some good, old-fashioned negotiating. On the flip side, vendors can be pretty confident of achieving close to their initial asking price.”

First time house buyers have been the focus of PM David Cameron, as he vows to build an estimated 200,000 starter homes for purchase. These homes will not only aid on the supply side of the market, but also give house hunters under 40 the ability to purchase a home at a 20% discount.