“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. As the clouds of political uncertainty gather and the market continues to slow, home-movers reliant on mortgages have been hit by tighter lending criteria. Their numbers have dipped from 653,000 in 2007 to 370,000 today, according to Savills, an estate agency. 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. “In an illiquid
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 . Discounts of up to 20 % are already available in London . Buying Solution consultant Thea Carroll said a stagnant market offered a “ trump card ” for cash buyers .