The Nationwide published their month house price update but included some really interesting data on ‘cash’ buyers – those presumably that the Nationwide doesn’t count as customers or include in their housing data.
What is important to note is just how many people are now buying a property without a mortgage. The implications are important – it means Government has less control over the market via interest rates and of course it means that those looking to buy a new home who do need lending finance need to be aware that the competition may well not.
As I say to all my clients, selling your current home is probably much harder than buying the next one. Get yourself into the position of being able to make an offer that isn’t subject to the sale of your current home and you may find that you can actually do the deal. More to the point perhaps, it seems that a huge number of other people will be in that position and you need to be at least as attractive as a buyer as they are.