The latest research from My Home Move Conveyancing has revealed where across the property market home sellers have the best chance of securing a cash buyer and, in doing so, put themselves in the strongest position for a far quicker, less stressful transaction process.
My Home Move Conveyancing analysed the latest Gov data looking at sales volumes across Britain over the last 12 months (March 2023 to Feb 2024 – latest available), what proportion of these were attributed to cash buyers and just where is home to the highest percentage of cash buyer market activity.
Cash buyers are the home sellers equivalent of hitting the jackpot. Not only do they hold a stronger position in the market, but selling to a cash buyer can seriously speed up your transaction as there’s no lengthy delays from needing a mortgage approved before exchange, not to mention they come without a chain which can often see your transaction drag on for far longer.
However, whilst cash buyers as a percentage have been rising since mortgage interest rates have increased, a cash buyer could be hard to come by.
Over the last 12 months, cash buyers have accounted for 208,316 sales across Britain, almost a third of total market activity (32%).
The South West is the region home to the largest proportion of cash buyer market activity at 37.9%, although this falls to as low as 23.9% across London.
However, further analysis by My Home Move Conveyancing shows that, across some local authorities, you’re far more likely to find a cash buyer.
Three of the nation’s top cash buyer hotspots are found within prime central London, where high-end buyers handover millions in cash when purchasing – Kensington and Chelsea (58%), the City of London (56.2%) and the City of Westminster (51.5%).
However, it’s North Norfolk that ranks as the nation’s number one cash buyer hotspot, where over the last 12 months a huge 62.2% of all homes sold have been to cash buyers.
East Lindsey (56.8%) and Argyll and Bute (56.7%) also rank within the top five cash buyer hotspots along with North Norfolk, Kensington and Chelsea and the City of London.
Elsewhere outside the capital there are no less than nine other areas of the nation where, over the last 12 months, 50% or more of all homes sold have been purchased by cash buyers, including East Devon (53.2%), Rother (53.1%), Isle of Wight (52.8%), South Hams (51.3%), Dumfries and Galloway (50.8%), Dorset (50.5%), Scottish Borders (50.4%), Chichester (50.3%) and Fylde (50.2%).
Director of My Home Move Conveyancing, Alistair Singer, commented:
“Selling to a cash buyer can come with a number of advantages, however perhaps the biggest benefit to home sellers is the far speedier sales timeline and the greater degree of certainty they provide.
These factors have become increasingly attractive since interest rates started to climb, however, it really is the luck of the draw when it comes to securing a cash buyer. Although your chances are far higher in some areas compared to others – as our research shows.
Fear not, though, there are still a number of things within your control that will help you sell quicker, even without the benefit of a cash buyer.
Choosing the right estate agent and conveyancer is key in this respect, and this choice should be based on quality of service provided, their track record and how specialist they are, not simply the one offering the cheapest fees, so make sure you check out their Trustpilot scores.
Being well prepared, understanding your home’s unique features, and being proactive throughout the process also makes a big difference. Having all the required paperwork and information on your home readily available will ensure you’re legally prepared and will help cut down the time it takes you to transact, enabling you to sell your home with confidence.”
Data tables and sources
