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Britain’s Cash Homebuyer Hotspots Revealed

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Britain’s cash homebuyer hotspots revealed as London sellers least likely to find cash buyer

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Britain's Cash Homebuyer Hotspots

The latest research by Birmingham estate and lettings agent, Barrows and Forrester, reveals where  in Britain home sellers are most likely to find a cash homebuyer.

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 homebuyer is not always easy and new research from Barrows and Forrester reveals that the chances of doing so depends very much on location. Barrows and Forrester analysed transaction data 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 by Barrows and Forrester shows that, with 55.9% of homes being sold to cash buyers, North Norfolk offers the very best chance of finding a cash homebuyer 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.

The Appealing Ability Of Flashing The Cash

Managing Director of Barrows and Forrester, James Forrester, commented:

“Opting for a cash homebuyer 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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