Nina Harrison, specialist at buying agents, Haringtons, shares her thoughts on why cash is king in the current economic climate: “There has been a shift from our buyers – Cash is King, and they want to invest it in bricks and mortar – not just in London but across the UK.
“There are a lot of people who are sitting on cash as their expenditure for the last few years has been low, in light of current circumstances, they are seizing the opportunity of changing stamp duty and a difficult mortgage market to secure investments for the short and long term.
“About a third of our buyers have access to cash either through savings or personal loans from family members or friends. This is a very different landscape to the last 5 years when borrowing has been cheap. These are a combination of downsizers, upsizers and first-time buyers. We are seeing a number of British-born return from time abroad and using the weaker pound to secure their new home.
“Don’t be fooled, if you are a seller now is a good time to move if you’re not just looking for the highest bidder. These buyers are serious and reliable, which means there is little turbulence in getting the sale across the line, and the rigmarole of buying a home is lessened because they are not reliant on banks for the green light. Warning, these buyers will drive a hard bargain, because they have the ace card. Like cash buyers, sellers who’re ready to move quickly will also have an edge on their next purchase, which is especially an opportunity for downsizers who are largely mortgage, or nearly mortgage free.
“With a new Prime Minister at the helm, the market is stabilising and this opportunity will not be hanging around for long. If you’ve not got time, of course, instruct a buying agent – we’re here to vet properties and opportunities on your behalf with a black book of contacts of lawyers, conveyancers and surveyors to get things moving quicker.”
