Cash buyers save 13% on homes

New analysis by MPowered Mortgages reveals that cash buyers are securing significant discounts when purchasing properties, paying an average of £28,189 less than those using mortgages. This equates to a discount of 9.3% on the asking price, which has increased by 12.4% since September 2022. Stuart Cheetham, chief executive of MPowered Mortgages, remarked: "As the property market heats up and interest rates fall, the number of house hunters using a mortgage is surging and cash buyers are becoming relatively rarer." Cash buyers now represent only 22.4% of transactions, enhancing their negotiating power. The largest discounts are found in North West England, where cash buyers pay 13.4% less. In contrast, cash buyers in London paid £15,344 more than mortgaged buyers, highlighting the unique dynamics of the capital's property market. 

The Mail on Sunday (05/01/2025)