The number of people paying in cash for properties in England and Wales has increased, according to new analysis published by the Council of Mortgage Lenders (CML). at Cadman Homes we are also noticing a rise in the amount of “chain free” and cash buyers looking for not just investment properties, but residential purchases too.
The number of people paying in cash for properties in England and Wales has increased, according to new analysis published by the Council of Mortgage Lenders (CML).
The total volume of cash buyers rose to around one-third of transactions, fuelled largely by older purchasers who are selling off their large homes for significantly more money than they paid for them. In turn, they are acquiring smaller units with cash, leaving them mortgage-free.
The research by CML shows that in the region of three-quarters of cash purchases were funded by the sale of another property. Most of the rest are paid for from savings or an inheritance.
Cash buying increased across many parts of England and Wales, with the average value of a cash transaction almost identical to one funded by a mortgage.
In the Rugby area demand is being supported by chain free, cash buyers, and this is creating a great situation for house sellers locally as there are more buyers not reliant upon chains or mortgage lending criteria. This supports the strong house price growth we are experiencing.
If you are looking to sell or let a home in the Rugby or Coventry area then contact me for more information about current market trends and valuations.
Published in: JUNGLEdrum – the newsbeat from PROPERTYdrum