4 Feb

'Cash is king' for houses for sale in the West End

'Cash is king' for houses for sale in the West End

The number of people paying cash for houses for sale in the West End of London rose in the final quarter of 2010.

LDG reported a 20 per cent rise in the number of cash buyers in comparison to 2009.

Only 66 per cent of buyers paid cash in 2009, compared to 88 per cent in the final months of 2010, according to research.

Naomi Heaton, chief executive at London Central Portfolio (LCP) says paying cash is more common due to the difficulties of securing a home loan in the current economic climate.

She said: "Since the onset of the credit crunch, LCP has seen a notable increase in cash buyers.

"Cash rich investors, who are gearing up to mitigate income tax and enhance their gains through leverage, are buying now."

For negotiating in a tight London market, "cash is king", she added.

Property for sale in London is going under offer within days and sometimes hours, meaning only buyers paying cash can put in bids, according to LCP.ADNFCR-1222-ID-800386793-ADNFCR

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