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A cash buyer can often see many sellers reduce their asking price expectations as they often bring a far smoother, and quicker, transaction process.

Something that has become particularly desirable since the stamp duty holiday caused huge backlogs across the housing market.

But finding a cash buyer is not always easy and new research from Barrows and Forrester reveals that the chances of doing so depends very much on location.

LOFT – MPU

Transaction data was analysed to find what percentage of homes have sold to cash buyers since the start of the year.

Across Great Britain, just 27% of homes sold so far this year went to cash buyers.

On a broad regional level, Scotland and England’s South West offer the best chance of finding a cash buyer.

In both regions, 33% of homes were sold to cash buyers.

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, with 55.9% of homes being sold to cash buyers, North Norfolk offers the very best chance of finding a cash buyer in Britain.

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%.

At the other end of the spectrum, the list of 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%.

The remaining 15 districts with the lowest percentage of cash sales are also all found in London or its immediate surrounding area.

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

Location

Cash sales % – Jan to Apr 2021

South West

33%

Scotland

33%

North East

30%

Wales

29%

Yorkshire and The Humber

27%

North West

27%

England

26%

East Midlands

26%

East of England

26%

South East

25%

West Midlands Region

24%

London

15%

Great Britain

27%

Source

UK House Price Index – January 2021 to April 2021 (latest available)

Table shows districts with highest % of cash sales

Location

Cash sales % – Jan to Apr 2021

North Norfolk

55.9%

East Lindsey

55.3%

Dumfries and Galloway

52.9%

Torridge

50.4%

Ceredigion

50.2%

Argyll and Bute

49.7%

Scarborough

49.0%

Eden

48.5%

Rother

48.1%

Inverclyde

47.6%

West Devon

46.7%

South Ayrshire

46.2%

East Devon

46.2%

Pembrokeshire

45.3%

North Devon

45.0%

Conwy

44.6%

Scottish Borders

44.5%

Source

UK House Price Index – January 2021 to April 2021 (latest available)

Table shows districts with lowest % of cash sales

Location

Cash sales % – Jan to Apr 2021

Barking and Dagenham

7.50%

Slough

8.15%

Lewisham

8.40%

Waltham Forest

8.45%

Greenwich

9.61%

Newham

9.85%

Watford

10.58%

Hillingdon

10.76%

Thurrock

11.54%

Merton

11.68%

Croydon

11.80%

Dartford

12.25%

Lambeth

12.30%

Reading

12.89%

Havering

13.12%

Redbridge

13.24%

Hounslow

13.36%

Enfield

13.40%

Harrow

13.60%

Rushmoor

13.65%

Source

UK House Price Index – January 2021 to April 2021 (latest available)

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