Cash buyers are taking advantage of significant price reductions in today’s property market, according to research by estate agency Lomond.
As anxious sellers look to expedite transactions, cash purchasers are enjoying substantial savings, with discounts averaging 17% across England.
Discounts for cash buyers
Lomond’s analysis reveals that properties marketed exclusively to cash buyers are priced on average at £257,513, offering a £52,059 reduction compared to the broader average house price in England.
Some regions, however, are delivering even greater savings:
- Yorkshire and the Humber: Cash buyers can secure properties at 25% below the regional average, equating to a £54,043 discount.
- South East: Buyers in this region can enjoy a 22% discount, the largest in monetary terms at £85,979.
- West Midlands: Offers cash buyers a 20% reduction, saving them £51,961.
- London: Discounts are smaller in percentage terms at 8%, yet still translate to a notable £41,967 saving due to the capital’s high property values.
Where cash buyers dominate
Certain regions have a higher proportion of properties listed as “cash buyer only”:
- East Midlands: Leads with 29% of all listings requiring cash purchases.
- South East: Follows closely at 23%.
Why sellers favour cash buyers
A Lomond spokesperson explains the appeal:
“Cash buyer status has always carried an immense amount of weight as it allows sellers to dramatically reduce the time associated with selling.”
For sellers, cash buyers eliminate the delays and uncertainties linked to mortgage approvals, making them particularly attractive in today’s unpredictable market.
Opportunities for investors
For investors, the current market dynamics present a unique opportunity to secure properties at a significant discount. With cash offering a clear competitive edge, now could be the time for those with liquidity to capitalise on distressed sales and motivated sellers.