Revealed! The cash buyer hotspots as London lags behind

Scotland and the south west of England have been identified as cash buyer hotspots.

Analysis by Barrows and Forrester, found 27 per cent of homes sold so far this year went to cash buyers.

The figure rises to 33 per cent each in Scotland and the south west of England.

In contrast, just 15 per cent of homes sold in London went to cash buyers between January and April 2021.

At local district level, the research by Barrows and Forrester shows that, with 55.9 per cent of homes being sold to cash buyers, North Norfolk offers the very best chance of finding a cash buyer in Britain. 

East Lindsey, Lincolnshire was close behind with cash buyers accounting for 55.3% of all sales.

At the other end of the spectrum, the list of districts where cash buyers account for the lowest percentage of purchases is dominated by London and its immediate surrounding area.

Barking and Dagenham has the lowest number of cash buyers at just 7.5 per cent.

The agent’s managing director James Forrester said: “Opting for a cash buyer will often mean a far smoother property transaction and so many sellers are happy to marginally adjust their asking price expectations for those buying without the help of a mortgage.

“This puts cash buyers in a very strong position not only in terms of the price they will pay, but also where their chances of securing their dream home are concerned.

“In a market where demand is extremely high and there are a huge number of buyers fighting it out for a limited amount of stock, the ability to flash the cash has never been more appealing to UK home sellers.”