LATEST research from Hamptons International shows that cash buyers and first time buyers are leading the housing market recovery.
Cash buyers and first time buyers are more active than any other buyer groups and are driving growth in both housing market transactions and prices, according to new research from the leading residential agent.
Over the course of 2013, Hamptons International’s research showed the number of cash buyers grew by 33 per cent while data from the CML shows the number of first time buyers with a mortgage grew by 23 per cent.
In 2013, 350,000 properties were purchased with cash, equating to 36 per cent of the market in England and Wales, the highest number since 2007. Meanwhile, 28 per cent of the market was accounted for by first time buyers with mortgages.
Johnny Morris, head of research at Hamptons International, commented: “Cash buyers have been at the vanguard of the housing market recovery in recent months, with the number of cash buyers increasing at a faster rate than those purchasing with a mortgage.