Buy-to-let investors are using their chain-free position and cash reserves to drive hard bargains, according to new research by Hamptons.

Landlords accounted for 14.1% of all home purchases in Great Britain in July, up from the 12.4% year-to-date average and paid just 88.7% of the initial asking price. In fact, more than half (56%) of offers from investors last month were at least 10% below the seller’s initial asking price - the highest proportion since the first Covid lockdown in April 2020 – and up from 48% in June.

Analysing Connells Group data, Hamptons reports that investors buying in cash pushed for an even harder deal as 63% of offers from cash-backed landlords in England and Wales came in at least 10% under the initial asking price.

Offers

Last month, 27% of offers from investors at 10% or more below the initial asking price were accepted, compared to just 18% in July 2025, with flat owners leading this trend. Sellers of leasehold properties accepted 41% of these discounted offers, highlighting price weakness and lack of demand.

In the South East, offers which were 10% or more below the initial asking price accounted for 54% of accepted deals, and 44% in the South West. By contrast, similar offers accounted for 32% of agreed deals in the North East and just 16% in London where, despite a tough market, sellers were least likely to accept a lower offer.

Analyst

David Fell, lead analyst at Hamptons, says with homes taking longer to sell and chains proving fragile, landlords are using their liquidity and chain-free status to maximise their leverage when it comes to agreeing a price. “While higher borrowing costs continue to weigh on investment returns, landlords with cash or low levels of borrowing are finding that a slower market is creating opportunities to purchase at significantly lower prices than would have been possible a few years ago,” he adds.

Meanwhile, rental growth for new lets in Great Britain continues to climb, reaching 1.9% year-on-year in July, taking the average rent back above £1,401 per month - the fastest pace of rental growth recorded for new lets in 19 months.

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