London sellers least likely to find cash buyers
The latest research by Birmingham estate and lettings agent Barrows and Forrester has revealed that in London, just 15% of homes have been sought by cash buyers.
Across Great Britain, just 27% of homes sold so far in 2021 went to a cash buyer.
Scotland and England’s South West offered the best chance of finding a cash buyer; in both regions, 33% of homes were sold for cash.
At a local district level, with 55.9% of homes being sold to cash buyers, North Norfolk was found to offer the best chance of finding a cash buyer in Britain.
East Lindsey, Lincolnshire, was 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, while in Torridge, Devon, cash accounted for 50.4% of sales, and in Ceredigion, Wales, the figure was 50.2%.
Barking and Dagenham had the lowest cash buyer proportion at just 7.5%.
In Slough, cash buyers accounted for 8.2% of all sales, while in Lewisham it was 8.4%, Waltham Forest 8.5%, and Greenwich 9.6%.
The remaining 15 districts with the lowest percentage of cash sales were also all found in London or its immediate surrounding area.
James Forrester, managing director of Barrows and Forrester, said: “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.”