September 22, 2021

The cash buyer hotspots giving sellers the best chance of beating the market bottleneck

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By James Lockett

he latest research by Yes Homebuyers has revealed where the most homebuyers are paying in cash since the start of the stamp duty holiday, with a cash sale more likely help home sellers avoid current delays and allow them to side step the market bottleneck. 

The research shows that: – 

–          Just 27% of stamp duty holiday property purchases across England have come via cash buyers. 

–          You have the best chance of finding a cash buyer in the South West where this figure sits at 33%, with the North East (33%), North West (28%) and Yorkshire and the Humber (28%) also presenting an above average level of cash buyers. 

–          London is home to the lowest number of cash buyers, accounting for just 17% of transactions since July of last year.

–          East Lindsey is the cash buyer hotspot of the market, accounting for 55% of all property transactions since the start of the stamp duty holiday.

–          North Norfolk (54%) has also seen more than half of stamp duty holiday transactions paid for in cash, while Scarborough (49%), the Isle of Wight (48%), Rother (48%), Torridge (48%), East Devon (46%), Richmondshire (45%), South Hams (45%) and Arun (44%) also make the top 10. 

You can find the full release below but for any further info or comment, please get in touch. 

James Lockett

M: 07584 248960

T: 0207 856 0185

E: [email protected]

PropergandaPR

Embargoed: 00:01, Monday 31st May 2021

The cash buyer hotspots giving sellers the best chance of beating the market bottleneck

Research from homebuying platform, YesHomebuyers, has revealed where homesellers can maximise their chances of beating the current market bottleneck by securing a cash buyer. 

Buyer activity has exploded since the introduction of the stamp duty holiday and while top line market health remains strong, an undercurrent of panic has started to build as many homebuyers and sellers remain in property market limbo due to lengthy delays at the back end of the transaction process. 

The best way to avoid it? Unfortunately, there isn’t one. The best approach to secure a quick sale is to instruct a good lawyer who specialises in conveyancing, ensure you are on top of your paperwork and then cross all of your fingers and toes. Even then, you’re at the mercy of your buyer and ultimately, the entire chain you may find yourself sat within.

However, there is one thing that can help speed the process along and that’s a buyer who plans to pay in cash, significantly reducing the time it will take you to sell and allowing you to push forward with your own onward purchase. 

Yes Homebuyers analysed market data since the stamp duty holiday began in July of last year, to find which pockets of the property market are home to the highest number of cash buyers as a percentage of all transactions. 

Cash Homebuyer Hotspots

The research shows that just 27% of stamp duty holiday property purchases across England have come via cash buyers. You have the best chance in the South West where this figure sits at 33%, with the North East (33%), North West (28%) and Yorkshire and the Humber (28%) also presenting an above average level of cash buyers. London, however, is home to the lowest chance, with just 17% of transactions since July of last year paid for in cash. 

The good news is that some areas provide a far better chance and none more so than East Lindsey. Since the start of the stamp duty holiday, 55% of all property transactions have been paid for in cash. 

North Norfolk (54%) has also seen more than half of stamp duty holiday transactions paid for in cash, while Scarborough (49%), the Isle of Wight (48%), Rother (48%), Torridge (48%), East Devon (46%), Richmondshire (45%), South Hams (45%) and Arun (44%) also make the top 10. 

Not only does London account for the low level of cash buyers at regional level, but it also accounts for six out of the top 10 lowest at local authority level. Barking and Dagenham are home to the lowest of all areas at 11%, with Slough (12%), Watford (13%), Harlow (14%) and Thurrock (14%) also making the list.

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:

“The government continues to cling to a buoyant housing market as their only real pandemic success story and they’ve achieved this by introducing yet another initiative, focussed on fuelling demand rather than supply. 

While there’s no doubt it has benefited those to have secured a stamp duty saving, it has also come at the expense of many homebuyers and sellers who are now stuck in the bottleneck waiting to complete with no hope of doing so ahead of the deadline. 

The reality is, anyone entering the market now also has little to no hope of completing prior to either deadline extension, but a cash buyer could provide you with a fighting chance, or at least help you reduce an otherwise lengthy transaction process.”

Table shows the percentage of transactions attributed to cash buyers since the start of the stamp duty holiday by region
LocationCash Buyer Property TransactionsAll TransactionsCash vs All (%)
South West17,46652,18733%
North East6,65321,06232%
North West16,42657,95028%
Yorkshire and The Humber12,37743,74628%
East Midlands10,48438,81927%
South East20,80279,59626%
West Midlands Region10,76141,26426%
East of England13,45751,88026%
London8,12646,65317%
England116,552433,15727%
Cash buyer transaction levels sourced from the Gov.uk House Price Index (July 2020 to Jan 2021 – latest available data)
    
Table shows the largest percentage of transactions attributed to cash buyers since the start of the stamp duty holiday by local authority
LocationCash Buyer Property TransactionsAll TransactionsCash vs All (%)
East Lindsey7381,34755%
North Norfolk6341,17154%
Scarborough5931,20949%
Isle of Wight7731,60448%
Rother5411,12748%
Torridge34171348%
East Devon7791,69946%
Richmondshire18139845%
South Hams5381,19545%
Arun7891,77644%
Cash buyer transaction levels sourced from the Gov.uk House Price Index (July 2020 to Jan 2021 – latest available data)
    
Table shows the lowest percentage of transactions attributed to cash buyers since the start of the stamp duty holiday by local authority
LocationCash Buyer Property TransactionsAll TransactionsCash vs All (%)
Barking and Dagenham9483711%
Lewisham2061,81111%
Waltham Forest1771,48312%
Slough7056512%
Sutton1911,50513%
Merton1731,31313%
Watford8262013%
Hillingdon2121,59713%
Harlow7956914%
Thurrock1681,20314%
Cash buyer transaction levels sourced from the Gov.uk House Price Index (July 2020 to Jan 2021 – latest available data)
    

END

Notes to editors: – 

–          Yes Homebuyers buys your home directly from you so you don’t have to wait around to find a buyer on the regular market. 

–          They offer flexible time frames to suit you and on average, complete a sale within 30 days. 

–          Yes Homebuyers quickest completed sale came within six days. 

–          They guarantee the price they will pay, unlike some buying platforms who reduce their offer shortly before completion.

–          There are no fees or costs involved and Yes Homebuyers covers all legal fees involved.

–          There are no contracts or tie-ins, even if you accept an offer and no viewings to take care of.

–          Matthew Cooper has an extensive knowledge of the market having worked in mortgage lender asset management prior to starting Yes Homebuyers.

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