In today’s cover story in The Times Bricks & Mortar, The Buying Solution is quoted explaining why ‘cash is king’ in our current market.
Senior Buying Consultant Thea Carroll comments: “In an illiquid market cash buyers hold a trump card and can afford to hold their nerve. It signals speed and purpose of transaction, two things the market lacks. “Cash is king” is a phrase that is suddenly being heard a lot more in the property market.”
People with spare savings or the banked proceeds of a sale are using their spending power to bag bargains — not only in London, but also in areas favoured by second-home owners.
Experts say that for cash buyers not reliant on borrowing, this presents an opportunity, because sellers who are desperate to offload their properties before Christmas are prepared to drop their prices.
Meanwhile though, Jonathan Bramwell does warn that these cash buyers must not assume they will succeed. He adds: “When an exceptional property comes up, potential buyers are like bees to a honey pot. In this climate most will sit tight until the first person makes an offer, and then they should expect to be in competition. Vendors of these properties, particularly around Soho Farmhouse [the members’ club in Oxfordshire], will often have the luxury of choosing their buyers — those who offer a higher price, even if it’s with a mortgage, will win.”
To read the full story visit: https://www.thetimes.co.uk/article/why-cash-buyers-are-back-in-thehousingmarket-vr6w5b8h0