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Gumersalls News

How To Beat The Housing Market Bottleneck

by | Jun 14, 2021 | News | 0 comments

Property platform Yes Homebuyers has released the results of its study to reveal where anyone selling their home can maximise their chances of beating the market bottleneck by securing a cash buyer.

Activity in the housing market has remained strong since the introduction of the stamp duty holiday, and property values continue to soar. However, there is a growing concern for many homebuyers and sellers who are finding themselves in property market limbo due to lengthy delays at the back end of the transaction process.

The best way to secure a quick sale is to instruct conveyancing solicitors in Epsom, who will ensure you are up to date with any paperwork and be able to keep on top of the process.

However, one way that can significantly speed things up is a buyer who is planning on paying in cash.

Yes Homebuyers studied property market data from the start of the stamp duty holiday in July 2020 to reveal which pockets of the property market are home to the most cash buyers as a percentage of all transactions.

The research showed that 27 per cent of all property purchases within the studied period across England were via cash buyers. This figure rises to 33 per cent in the South West and the North East, 28 per cent for the North West and Yorkshire and the Humber.

Some areas provide a much better chance of finding a cash buyer, with East Lindsey in Lincolnshire grabbing the top spot with 55 per cent.

East Lindsey is followed by North Norfolk (54 per cent), Scarborough (49 per cent), the Isle of Wight (48 per cent), Rother (48 per cent), Torridge (48 per cent), East Devon (46 per cent), Richmondshire (45 per cent), South Hams (45 per cent) and Arun (44 per cent)

London accounts for the lowest percentage of cash buyers at 17 per cent but also has six of the top ten lowest at the local authority level. Barking and Dagenham are home to the lowest of all areas at 11 per cent, with Slough (12 per cent), Watford (13 per cent), Harlow (14 per cent) and Thurrock (14 per cent) also making the list.

If you’re looking for conveyancing solicitors, get in touch today.