The Changing Role of Cash Buyers in the Property Market
In this blog, we explore these changes and how our Heads Up Alerts can give you a competitive edge, offering early access to properties before they go live on major platforms.
In 2023, cash buyers were a significant force in the property market. In fact, 34% of property sales in England and Wales were made by cash buyers, meaning these buyers didn’t need a mortgage. This was notably higher than the 28% average of cash sales seen over the previous five years. The high percentage of cash buyers reflected the tougher market conditions at the time, where many people found it harder to get mortgages due to high interest rates.
However, 2024 has seen a shift. As mortgage rates began to decrease and affordability started to improve, more people have been able to access mortgages again. Because of this, cash sales dropped to 31%, while mortgage sales accounted for a larger share of the market. This change signals that the property market is returning to a more normal state, particularly in the second half of 2024.
Looking ahead, the property market is expected to see more positive changes in 2025. With mortgage interest rates predicted to fall further, affordability is likely to improve even more, meaning mortgages will continue to make up a larger proportion of sales. As a result, the market will see a wider range of buyers, which is expected to contribute to a modest increase in property prices in the coming year.
Stay Ahead of the Market with Our AI-Powered Alerts at Pendle Hill Properties
Want to get a sneak peek at properties before they hit Rightmove, Zoopla, or even our own website? By joining the FREE Pendle Hill Properties Members Club, you’ll be the first to know about new listings and receive exclusive access to view properties before they go live.
Our Heads-Up Alerts notify us when people register to view properties early, and importantly, these alerts also tell us if any of those buyers are cash buyers. This gives us the advantage of knowing who is interested.
By using our service, you’ll always be ahead of the curve, don’t miss out on these opportunities! Join the Pendle Hill Properties Members Club now through the link below and stay ahead of the competition.
