Cash House Purchases Rise in Epsom Admist Mortgage Challenges

Tue 07 May 2024

Cash is proving to be king in the current Surrey housing market. Recent data reveals a significant surge in cash buyers, painting a picture of shifting dynamics and evolving preferences.

Cash Dominance on the Rise

According to recent statistics from #Dataloft by PriceHubble, cash transactions have witnessed a substantial uptick; a notable 35% share of sales across Great Britain. This represents a marked increase from last year, where cash buyers accounted for 30% of transactions during the same period. 

The Advantage of Cash in Affordability

A key driver behind this trend is the impact of higher mortgage costs, which have affected affordability for many prospective homeowners. In an environment where securing financing is increasingly challenging, cash buyers enjoy a distinct advantage, avoiding the hurdles caused by rising interest rates and strict lending criteria. 

Regional Dynamics Unveiled

It has become evident that the landscape of cash transactions varies significantly across different parts of the country. The South West emerges as a stronghold for cash buyers, boasting the highest proportion of cash transactions at an impressive 43%. This represents a substantial increase from the previous year's figures.

London paints a contrasting picture, registering the lowest share of cash buyers in the country at 27%. Despite this, the capital city has witnessed a rise in cash transactions, climbing from 20% just a year ago. This intriguing trend highlights the evolving dynamics within London's property market, as cash transactions gain traction amidst shifting economic landscapes.

 

As our property market continues to evolve, cash transactions emerges as a defining trend, redefining the dynamics of property transactions. 

If you have any financial questions regarding your property, our mortgage advisor is available to help. Call us on 02080040474

Source: #Dataloft by PriceHubble, UK HPI. February 2024