New research suggests cash buyers can save thousands of pounds when buying a house compared to those buying with a mortgage.
According to finance specialist One77 Mortgages, who analysed house price data from the Land Registry, it costs those buying with a mortgage on average 9 percent more than cash buyers.
Alastair McKee, managing director of One77 Mortgages, said,
“Many home sellers will be drawn to a cash buyer as it can often mean a quicker, smoother selling process with less paperwork and no onward chain, which can be hugely appealing to someone that needs a quick sale in particular.
“However, savvy buyers will know they are in this stronger position and, as a result, they will often negotiate more off the asking price than they otherwise would, with the seller tending to accept it, resulting in a lower sold price achieved.
“When considering what works best for you, it’s really down to priorities. If you need to sell quickly, then a cash buyer is the way to go, but if the sold price is more important, it’s worth holding out for an offer at full asking price.”