In a detailed analysis conducted by My Home Conveyancing, it has been revealed that cash buyers have dominated the housing market in Britain over the past year. The study shows that cash transactions accounted for 208,316 home sales, representing nearly a third (32%) of all market activity.
The South West of England leads the nation with the highest proportion of cash sales at 37.9%. In contrast, London sees a significantly lower percentage, with only 23.9% of its transactions involving cash buyers.
However, further scrutiny by My Home Move Conveyancing indicates that certain local authorities are far more likely to see homes sold for cash. In prime central London, affluent buyers frequently pay in cash, with Kensington and Chelsea leading at 58%, followed closely by the City of London at 56.2% and the City of Westminster at 51.5%.
North Norfolk emerges as the nation’s top hotspot for cash sales, with an impressive 62.2% of homes sold to cash buyers in the past year. East Lindsey and Argyll and Bute also feature prominently, with cash sales comprising 56.8% and 56.7% of their respective markets.
Beyond the capital, several other regions have seen substantial cash buyer activity. Over the past 12 months, nine additional areas reported that 50% or more of home sales were cash transactions. These areas include 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%).
Alistair Singer, director of My Home Move Conveyancing, commented on the findings: “Selling to a cash buyer offers numerous advantages, notably a faster sales process and greater transaction certainty. These benefits have become particularly appealing as interest rates rise. However, the likelihood of securing a cash buyer varies significantly by location, as our research highlights.”