Cash buyers property

Cash buyers abound to seize property investment opportunities

The housing market is particularly attractive to cash buyers right now, and some estate agents and specialists have noted a rise in the number of mortgage-free purchases.

The vast majority of buyers in the UK – including both home buyers and property investors – still do so with the help of a mortgage. Particularly while rates have sat at extremely low levels historically for many years, it has been an opportune time to borrow to buy.

However, as the market and economic outlook continues to shift, cash buyers are increasingly looking to snap up bricks and mortar investments, and they have the additional bargaining tool of being ‘ready to go’ to increase their chances of success.

One UK estate agent, Harringtons, has noted a particular surge in interest from cash buyers recently, with London specialist Nina Harrison pointing out that the trend is not just noticeable in the capital but across the whole of the UK.

Capitalising on Covid savings

Over recent years, not only have low interest rates on mortgages given people more opportunity to save – albeit at low-level savings rates – but the Covid pandemic meant that, for some households, general expenditure went down.

Fewer holidays abroad, reduced commuting costs and less money spent on socialising were some of the effects that Covid had on people’s wallets, and Harrison believes this is part of the reason why more cash buyers are now emerging to snap up properties.

“There are a lot of people who are sitting on cash as their expenditure for the last few years has been low, in light of current circumstances, they are seizing the opportunity of changing stamp duty and a difficult mortgage market to secure investments for the short and long term.”

Many buyers also get help from family and friends, either as gifts or loans, which provides an additional boost. And in terms of buyer type, cash buyers are emerging from all walks of life.

“These are a combination of downsizers, upsizers and first-time buyers. We are seeing a number of British-born return from time abroad and using the weaker pound to secure their new home,” she added.

Cash buyers can reduce complications

Cash buyers can be very much sought after by sellers, because they are chain-free and the sale can therefore be less likely to fall through.

Harrison points out: “Don’t be fooled, if you are a seller now is a good time to move if you’re not just looking for the highest bidder. These buyers are serious and reliable, which means there is little turbulence in getting the sale across the line, and the rigmarole of buying a home is lessened because they are not reliant on banks for the green light.”

She also warned that cash buyers will drive “a hard bargain” because they have the edge of being able to move more quickly than someone buying with a mortgage or in part of a chain.

With interest rates and mortgage rates expected to continue to rise over the coming months as the Bank of England tries to deal with inflationary pressures, buying a property in cash could be even more appealing for those who are able to do so.

For property investors who have large portfolios, if they are able to cash any properties in, they may then go on to make their next purchase in cash to reduce their borrowing levels and their outgoings. As the agency points out, bricks and mortar continues to be one of the most popular assets for a huge number of investors.

At BuyAssociation, we specialise in assisting property investors both in the UK and overseas in finding their next opportunity. Get in touch for more information.

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