The London property market has been given a boost in the second quarter of 2019, with cash buyers providing a significant contribution. According to Savills, the international real estate advisor, cash buyers accounted for over half of all sales in the prime central London market during this period.
This is a significant increase from the same period in 2018, when cash buyers accounted for just 39% of sales. The increase is being attributed to a number of factors, including the current political and economic uncertainty in the UK, which has made it more difficult for buyers to secure mortgages.
The increased activity from cash buyers has been welcomed by the property industry, as it suggests that there is still strong demand for London property despite the current climate. The increase in cash buyers has also been credited with helping to stabilise prices in the capital, as they are often willing to pay more than those who are reliant on mortgages.
The data from Savills also reveals that the number of transactions in the prime central London market has increased by 4.3% compared to the same period last year. This suggests that there is still strong demand for London property, despite the current political and economic uncertainty.
The data from Savills also shows that the average price of a property in prime central London has increased by 0.3% compared to the same period last year. This suggests that prices are beginning to stabilise, which is likely to be welcomed by both buyers and sellers.
Overall, the data from Savills suggests that cash buyers have been a major factor in boosting the London property market in the second quarter of 2019. This is likely to be welcomed by the property industry, as it suggests that there is still strong demand for London property despite the current climate.