Cash buyers on the rise

The proportion of cash buyers in the property market is increasing, with 31% of all property sales in England and Wales in the first three months of the year being paid for without a mortgage. This is up from 29% in the same period last year and 27% in 2020, according to Land Registry data. Rising interest rates have put many people's plans to buy a new house on hold, leading to a decrease in the number of people buying a home with a mortgage. Cash buyers have the advantage of less competition and can negotiate better deals. Sellers are more willing to accept lower offers from cash buyers due to the reduced risk of the sale falling through. However, there are signs that this advantage may start to level out as inflation eases and mortgage rates decrease. 

The Times (15/08/2023)