A NEW study has discovered the regions with the most significant rises and falls in cash purchases on properties since 2013, based on the total number of purchases that were outright sales according to the HM Land Registry reports Mortgage Finance Gazette.
The research conducted by UK mortgage broker SPF.co.uk found that Inverclyde saw the largest increase, with a 39.4% rise in outright sales compared to 2013, with 50.1% of all sales in 2023 being cash.
According to the Office for National Statistics (ONS), the average house price here is £123,000, with first-time buyers paying £100,000 on average for their first properties as of April 2024. This latter figure is an increase of £10,000 compared to last year.
At the other end of the study, Harlow was revealed as the area with the most significant decrease in the proportion of cash purchases between the two years, with a 44.9% fall. According to ONS data, Harlow’s average house costs £309,000.
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