London has traditionally been the word on everyone’s lips when it comes to property booms; however, Scotland and the South West of England are now cash buyer hotspots, according to a new survey. The outer London districts are low on the list, with cash buyers completing only a small number of property purchases.
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What is a cash purchase?
Some sellers prefer a cash buyer, as this can lead to a smooth and hassle-free property transaction; inf act, if a cash buyer is on the horizon, the seller may choose to lower the price to secure the sale. A cash buyer is always more attractive and is positioned strongly, especially in a market that is seeing plenty of demand.
What percentage of homes were sold to cash buyers?
27 per cent of properties sold so far this year have been to cash buyers. This increases to 33 per cent in Scotland and the South West of England, which are the two areas in which cash buyers have remained prominent. The North East and Wales also performed strongly, with cash buyers making up 30 and 29 per cent of the transactions. Yorkshire and the Humber and the North West rank next at 27 per cent each. London was last with just 15 per cent of properties sold to cash buyers, with the West Midlands coming second last with 24 per cent.
Is the property market strong at the moment?
According to The Property Reporter, the stamp duty holiday saw residential sales rise by 67 per cent in September. Investors, homeowners, banks and solicitors made a final hard push for the transactions to complete before the end of September. The property market was brisk with lockdown-inspired upsizing and attractive finance deals thanks to the low interest rates. There was also the shift towards working from home, which saw families move from busy cities to more spacious properties in greener areas.
For people on the move, it is time to get your processes in order. If you are looking for a home buyers survey Birmingham, for example, you will find plenty of professionals willing to help. Experts such as https://www.samconveyancing.co.uk/Homebuyers-Survey/home-buyers-survey-birmingham will take care of all the conveyancing matters, helping to make your move as stress-free as possible.
Which areas had the lowest number of cash buyers?
Barking and Dagenham came in last position with just 7.5 per cent. In Slough, cash buyers made up 8.2 per cent of all sales, while Lewisham saw 8.4 per cent, Waltham Forest 8.5 per cent, and Greenwich 9.6 per cent. London and its immediate surrounding area were also where the next 15 lowest percentages of cash buyers were found.
