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Cash house buyers driving forward UK property market recovery
London, UK – Cash house buyers are responsible for majority of the recent property market recovery drive in the UK, even more so than buyers with existing mortgage.
Out of the additional 20,000 property sales that were closed during the first half of 2013, 13,600 were made by cash buyers, while the remaining 6,400 came from mortgage sales. Head of research at Hamptons International, Johnny Morris, concludes that contrary to popular belief, recovery in the property sales market has been driven by a rapid increase in cash house buyers instead of an increase in mortgage lending.
Majority of cash buyers come from the South West—39 percent in the last 12 months, and averaging at 33 percent in England and Wales. The highest rate of owner occupation in England is also the South West, and majority of its residents are in the older age groups. Many of these cash buyers are looking to downsize and want to take the advantage of the capital tied up with their properties.
On the other end of the spectrum, the lowest proportion of cash buyers come from London, averaging at 24 percent. An average house in the South West fetches for £173,000, while an average house in London fetches for £386,000—more than double the value in South West. House prices in Prime Central London are even more expensive—£935,000 for an average house. Londoners are more or less, are discouraged to buy properties in the area since the city has the highest property values in the whole country. Even if you are a home owner but if can’t afford the mortgage, you’ll be facing repossession. Although cash transactions are more commonplace in London, only less than seven percent of total London sales went to the property sales market.
A Quick Property Move is a quick property sale company and one of the leading ones of its kind based in the UK. We welcome all clients and strive to understand their needs to provide the best solutions. With our expertise in the quick sale property scheme, we have helped many customers facing repossession escape the burden and the stress of losing their homes. We continue to strive in finding better ways to close fast house sales and keep our customers satisfied.
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Page Updated Last on: Jan 14, 2014