Cash is king in West Sussex’ property market

I am starting to see a glimpse of a buyers’ property market in West Sussex after a long period of it being in favour of sellers. The tide is starting to turn away from being price led and instead manoeuvring towards the ability to purchase, highlighting the importance of being a cash buyer, ie a proceedable buyer, when looking for a prime country house.

The term ‘cash buyer’ describes a purchaser who does not need to get a mortgage, and has enough funds available in their bank at the time of making an offer on a property to purchase without encumbrances. This is what makes them proceedable…

In today’s market, being a cash buyer is probably the best situation you can be in when trying to find your next country home. You are chain free, the need for a large expensive mortgage is removed and the overall sales process is much quicker. At a time when vendors are becoming nervous about their sales transaction falling through due to higher interest rates and mortgage costs halting borrowing for many buyers, these are factors that can make you a very desirable buyer – especially if the vendor needs to sell quickly. Many estate agents are calling me far more frequently for this very reason. This is because as a buying agent, we only work with purchasers who can proceed.

As a result, cash buyers are starting to enjoy exclusive access to prime country houses like they used to have pre pandemic, where they aren’t having to compete with as many purchasers. With vendors now seeking the ‘best’ buyer rather than who is offering the highest price, such purchasers shouldn’t need to offer the sorts of prices that were being agreed over recent years.

For more information about being a cash buyer in West Sussex and how Property Acquisitions can assist you, contact Jennie Hancock at jh@propertyacquisitions.co.uk / mh@propertyacquisitions.co.uk.