1
Nov
Cash buyers purchase houses for sale in central London
A number of people purchasing houses for sale in central London
have been noted to be cash buyers.
According to a report conducted by Marsh & Parsons released
last week, 71 per cent of property purchases in central London
during August 2010 were bought by people paying with cash.
It stated that the majority of homebuyers in this area had not been
affected by the recent problems in the mortgage lending
market.
This represents an increase in the number of homebuyers purchasing
houses for sale in central London paying by cash since February,
when the figure was 58 per cent.
It was also revealed that while people in Chelsea, Kensington,
Westminster and Mayfair were keen to pay by cash, the majority of
purchases for properties for sale in other areas around the country
were made with a mortgage.
During August 2010, only 27 per cent of property purchases
nationally were made by cash buyers.
Last month, Halifax reported that there were 2,992 million pound
property sales in the UK during the first six months of 2010 - an
increase of 118 per cent from the same period in 2009.