Househunters are being urged to move quickly to snap up the UK's affordable housing, as figures show that bargains are going fast.

Buyers were able to purchase a property at an average of 6.2 per cent below the asking price last month, according to statistics from the National Association of Estate Agents.

However, this is a reduction on the previous month's figures, in which buyers secured an average discount of 6.8 per cent.

Mike Bickerton, director at DTZ Residential, said there is a "marked shortage" of property for sale compared to the amount of people looking for a new house.

The result of this, he says, is that buyers who are ready to move in are finding they may not be able to secure the kind of discounts that were available a few months ago.

"In the coming months, we would see this trend continuing, with a decreasing discount available to buyers as the market recovers," he added.

Source: Direct News 23/5/09