Revealed! The nation’s cash buyer hotspots

New research has revealed the areas where sellers have the best chance of finding a cash buyer.

Analysis by My Home Conveyancing over the past 12 months found cash buyers have accounted for 208,316 sales across Britain, almost a third of total market activity (32%).

The South West is the region home to the largest proportion of cash buyer market activity at 37.9%, although this falls to as low as 23.9% across London.

However, further analysis by My Home Move Conveyancing shows that, across some local authorities, you’re far more likely to find a cash buyer.

Three of the nation’s top cash buyer hotspots are found within prime central London, where high-end buyers handover millions in cash when purchasing - Kensington and Chelsea (58%), the City of London (56.2%) and the City of Westminster (51.5%).

However, it’s North Norfolk that ranks as the nation’s number one cash buyer hotspot, where over the last 12 months a huge 62.2% of all homes sold have been to cash buyers.

East Lindsey (56.8%) and Argyll and Bute (56.7%) also rank within the top five cash buyer hotspots along with North Norfolk, Kensington and Chelsea and the City of London. 

Elsewhere outside the capital there are no less than nine other areas of the nation where, over the past 12 months, 50% or more of all homes sold have been purchased by cash buyers, including 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, said: “Selling to a cash buyer can come with a number of advantages, however perhaps the biggest benefit to home sellers is the far speedier sales timeline and the greater degree of certainty they provide.

“These factors have become increasingly attractive since interest rates started to climb, however, it really is the luck of the draw when it comes to securing a cash buyer. Although your chances are far higher in some areas compared to others - as our research shows.”