61% of Landlords Pay in Cash
A record number of landlords are choosing to purchase buy-to-let property in cash, according to Countrywide.
This is a high since records began back in 2007 when it was just 41% of investment property that was paid in cash. It has, of course, been steadily rising since then but since the stamp duty surcharge that came into force in April, even more landlords have turned to relying on cash.
Are landlords enjoying rising house prices?
The research has shown that due to continuing rising house prices, landlords have enjoyed high equity and their portfolios have resulted in being more cash rich. On top of this, tougher mortgage tests for landlords have also come into play which may have stopped some from getting in on the action.
What does this mean for Yorkshire?
Our area has some of the most affordable property in the UK and, unsurprisingly, that shows in the amount of cash purchases in this region. The north east led the table with some 70% falling into this category but Yorkshire & the Humber was a close second.
It seemed to be more pronounced at either end of the market with 65% of homes costing less than £125,000 and 64% of property more than £1m being paid in cash.
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