Wednesday 20 September 2023

Cash buyers swoop in on South London Property

The latest data from specialist property lending platform Octane Capital shows that cash buyers are paying on average £27,600 less than mortgage buyers for properties in Great Britain, with the exception of London.

This gap in price has widened over the past 20 months, as rising interest rates have made it more difficult for people to qualify for a mortgage and the cost of living crisis has made it harder to save for a deposit.

In the South West, cash buyers accounted for 38% of transactions between December 2021 and April 2023, suggesting that competition from cash buyers is particularly strong in this region.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest data on cash buyers.

  • Be prepared to negotiate on price. Cash buyers are often in a stronger position to negotiate on price, as they can move quickly and don't have to worry about getting a mortgage approved.
  • Present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.
  • Consider using a reputable letting agent. A good letting agent can help you to market your property effectively and find the right buyer, whether they are a cash buyer or a mortgage buyer.
  • If you are selling your property in South London, it is important to be aware of the latest trends in the market and to be prepared to negotiate on price, especially if you are facing competition from cash buyers.

Additional tips for South London homeowners selling their property:

  • Target the right buyers. Consider the type of buyers who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
  • Be responsive to enquiries. Buyers expect a quick response from sellers when they enquire about a property. If you are not responsive, you may miss out on the best buyers.
  • Be flexible on closing dates. Cash buyers are often able to close more quickly than mortgage buyers, so be prepared to be flexible on your closing date if you are facing competition from a cash buyer.

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