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. Cash buyers of property could take advantage of market conditions that had halved the number of mortgage-backed buyers in a decade, according to estate agency Savills. It said a tightening of lending rules had cut the number of people relying on mortgages from 653,000 a decade ago to 370,000 this year. Other market observers said cash buyers could benefit from sellers who wanted to sell before Christmas being prepared to cut their asking price. The average price for an English home fell by £5,700 between April and June, compared with a fall of £2,900 during the same period last year, while prices across Wales dropped by £1,300. Buying Solution consultant Thea Carroll said a stagnant market offered a “trump card” for cash buyers.
Cash buyers of property could take advantage of market conditions that had halved the number of mortgage-backed buyers in a decade, according to estate agency Savills. It said a tightening of lending rules had cut the number of people relying on mortgages from 653,000 a decade ago to 370,000 this year. Other market observers said cash buyers could benefit from sellers who wanted to sell before Christmas being prepared to cut their asking price. The average price for an English home fell by £5,700 between April and June, compared with a fall of £2,900 during the same period last year, while prices across Wales dropped by £1,300. Buying Solution consultant Thea Carroll said a stagnant market offered a “trump card” for cash buyers.