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In late 2017, the HM Land Registry revealed that property cash sales account for between 30% and 40% of all purchases. True cash buyers are those with enough money sitting in a bank account to buy a property outright with no need to borrow from a mortgage provider. Whilst this is a luxury few get to experience, there are perks to purchasing with cash if you have the funds available…
Estate agents and those selling their property are attracted by buyers who do not need to take out a loan or mortgage to purchase. Cash buyers are popular with those selling who want to sell quickly and with minimal hassle. For this reason, the vast majority of people selling their homes will take a lower offer from a cash buyer.
Property sales tend to be quicker and more flexible for cash buyers than for those who need to arrange a mortgage. In terms of securing a mortgage offer, people can expect to wait around a month for approval and the offer will last for up to six months.
Usually, cash buyers can be in their new home within a matter of weeks, and moving dates tend to be far more relaxed.
Being part of a chain can make the house selling and buying process a lengthy one for all involved. Chains can break at any time, for a multitude of reasons, and it can be very stressful.
Being a cash buyer enables you to put a stop to a chain, which is attractive to vendors as it ensures a simplified process.
Cash buyers aren’t relying on financial support from another party. The majority of property sales falling through is due to mortgage providers pulling out at the last hurdle. Buyers who require a mortgage or loan will receive an agreement in principle from their mortgage provider, but a lender can decide not to go ahead with the deal for a variety of reasons, at any point. Being a cash buyer means your purchase is guaranteed from a financial standpoint, as you are not borrowing any money, which is reassuring for vendors.
The only pitfall when it comes to buying a property outright lies with the vendor; the price you are willing to pay will likely fall below their asking price. Some people have declined cash offers on their property because the offer has not been close enough to the asking price. On the other hand, some vendors will accept a lower cash offer to benefit from a chain-free quick sale that is less likely to fall through.