Increasingly stringent credit conditions, the peak of the financial crisis and growing redundancies are believed to be some of the reasons why people have chosen to pay cash for property. There have been suggestions that some of this surge in cash buying is due to pensioners cashing in pensions or parents buying new homes for their adult offspring but experts believe this is not the case.
The area responsible for the most cash sales was the North East at 50%, followed by the South West, although some maintain this is largely due to property being substantially cheaper in the North East compared to the rest of the country.
The Prime Minister has been quick to throw cold water on the benefits of buying for cash, even going so far as to suggest that some cash purchases may be a way for corrupt companies to launder “dirty money”. This may indeed be the case for some companies but doesn’t the Government stand to lose out if UK banks are losing money from potential mortgages?
One other aspect of cash purchases relates to companies which offer “fast cash” to home owners who may need to sell their home quickly. One such company recently set up in Leeds claims to be unique in its ethos of helping people sell their homes, whatever state they are in. Here at buymypropertyforcash.co.uk, we have been carrying out this service for over 15 years. For whatever reason, some homeowners need to sell their home quickly; they may be in mortgage arrears or facing repossession; they may need to raise money for a holiday or a car -“ whatever the reason, we can arrange a viewing and valuation quickly and will make you an offer within 24 hours. On average we offer 80% of the value of your property but the bonus is we can complete within 15 days AND it may be possible for you to continue living in your family home.