Real Estate

Britain’s cash homebuyer hotspots revealed – Property Industry Eye

New research has revealed which areas of the market have seen the most activity from cash homebuyers so far this year.

The study, undertaken by Barrows and Forrester, shows that across Great Britain, just over a quarter – 27% – of homes sold so far this year went to cash buyers.

Regionally, Scotland and England’s South West offer the best chance of finding a cash buyer, with 33% of homes sold to cash buyers so far in 2021.

At the other end of the table is London, where just 15% of homes have been bought by cash buyers.

At local district level, the research shows that North Norfolk is Britain’s cash buyer hotspot with 55.9% of homes being sold to cash buyers in 2021.

East Lindsey, Lincolnshire, is close behind with cash buyers accounting for 55.3% of all sales.

In Dumfries and Galloway, Scotland, 52.9% of sales were completed in cash, in Torridge, Devon, cash buyers account for 50.4% of sales, and in Ceredigion, Wales, the figure is 50.2%.

The districts where cash buyers account for the lowest percentage of purchases is dominated by London and its immediate surrounding area.

Barking and Dagenham has the lowest number of cash buyers at just 7.5%. In Slough, cash buyers account for 8.2% of all sales, in Lewisham it’s 8.4%, Waltham Forest 8.5%, and Greenwich 9.6%.

Managing director of Barrows and Forrester, James Forrester, commented: “Opting for a cash buyer will often mean a far smoother property transaction and so many sellers are happy to marginally adjust their asking price expectations for those buying without the help of a mortgage. This puts cash buyers in a very strong position not only in terms of the price they will pay, but also where their chances of securing their dream home are concerned.

“In a market where demand is extremely high and there are a huge number of buyers fighting it out for a limited amount of stock, the ability to flash the cash has never been more appealing to UK homesellers.”

Table shows cash sales as % of all sales in nations and regions of Great Britain
LocationCash sales % – Jan to Apr 2021
South West33%
Scotland33%
North East30%
Wales29%
Yorkshire and The Humber27%
North West27%
England26%
East Midlands26%
East of England26%
South East25%
West Midlands Region24%
London15%
Great Britain27%
SourceUK House Price Index – January 2021 to April 2021 (latest available)
Table shows districts with highest % of cash sales
LocationCash sales % – Jan to Apr 2021
North Norfolk55.9%
East Lindsey55.3%
Dumfries and Galloway52.9%
Torridge50.4%
Ceredigion50.2%
Argyll and Bute49.7%
Scarborough49.0%
Eden48.5%
Rother48.1%
Inverclyde47.6%
West Devon46.7%
South Ayrshire46.2%
East Devon46.2%
Pembrokeshire45.3%
North Devon45.0%
Conwy44.6%
Scottish Borders44.5%
SourceUK House Price Index – January 2021 to April 2021 (latest available)
Table shows districts with lowest % of cash sales
LocationCash sales % – Jan to Apr 2021
Barking and Dagenham7.50%
Slough8.15%
Lewisham8.40%
Waltham Forest8.45%
Greenwich9.61%
Newham9.85%
Watford10.58%
Hillingdon10.76%
Thurrock11.54%
Merton11.68%
Croydon11.80%
Dartford12.25%
Lambeth12.30%
Reading12.89%
Havering13.12%
Redbridge13.24%
Hounslow13.36%
Enfield13.40%
Harrow13.60%
Rushmoor13.65%
SourceUK House Price Index – January 2021 to April 2021 (latest available)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *