"UK Housing Market: Cash Reigns as Buyers Opt for Home Purchases"
One in three home buyers in the U.K. are expected to pay cash for their property purchase in 2023, a significant increase from the average of 20% over the past five years, according to a report by Zoopla. The rise in cash buyers is driven by less favorable mortgage rates and is expected to continue in 2024. This trend poses challenges for buyers reliant on mortgages, as sellers often prefer cash transactions for their faster sales process. The high cost of borrowing is also cooling home prices across the U.K., resulting in the most significant slowdown in price growth since 2009.