28 Mar

Cash buyers driving property market

Cash buyers driving property market

Cash buyers are becoming more active in the UK property market.

New figures from estate agents Hamptons International show that the number of cash buyers has increased by 33 per cent in 2013, while the number of first-time buyers with mortgages has risen by 23 per cent.

Last year, around 350,000 properties were bought using cash rather than home loans - equal to 36 per cent of the UK market.
 
"Cash buyers have been at the vanguard of the housing market recovery in recent months, with the number of cash buyers increasing at a faster rate than those purchasing with a mortgage," said Johnny Morris, head of research at Hamptons International.

The shortage of homes on the market has also been influenced by the number of cash and first-time buyers, with the number of properties available now five per cent lower than at the same point in 2013.

It is expected recent government changes to the UK pension annuity market could also see a rise in cash purchases in the future.ADNFCR-1222-ID-801707599-ADNFCR

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