Drewery Sales Property Market Update December_2023

CASH SALES ON THE UP

Around a third of homes for sale in the UK are being bought in cash, according to a leading property website.

Data from Zoopla’s October House Price Index shows that cash buyers account for 1 in 3 sales in 2023 compared with 1 in 5 over the last five years.

However, it’s first timers pushed into buying by rising rents, who remain in the top spot for home buying this year.


Meanwhile, the price of the average UK house fell 1.1% or £2,830 in the 12 months to October, and now costs £264,900 – which is £200 less than the previous month.

The company said house prices were falling across all regions of England, with the East seeing the biggest drop at 2.4%, followed by the South East at 2.2%, as higher mortgage rates
weaken demand for new homes.

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