More of us are buying homes without a mortgage .
1 in 8 of us is buying a home without a mortgage.
Research by online mortgage company Mform.co.uk highlights that 3m of us intend to buy a home in between February and July, but 1in 8 of us are not going to need a mortgage.
1 in 8 of us are also not sure whether we need a home loan .
Property prices are at a level that many of us cannot afford a home. Nonetheless, property prices have meant that many of us have become wealthy and some of us are cashing in on this via purchasing cheaper properties as well as releasing equity.
Mform figures depict that older homeowners are the main beneficiaries of house price growth and are those most likely to be buying without a mortgage .
49% of over 50s are not going to need a mortgage to buy their new home, compared with 6% of buyers aged 30 to 50 and 1% of buyers under 29.
Anyone buying a house in the 1980s is sure to have witnessed great growth in their home's value. They may be presently in a position to cash in and relocate to a smaller house or to a less expensive cheaper area.
Cash buyers are going to play an important role in the housing market over the following six months. Those of us who are not lucky enough to be mortgage free ought to take note.
Cash buyers are in a great position of not needing to worry about mortgages. They can adopt a more relaxed attitude to buying as well as selling. They tend not to be in a chain, so, their deals go through more smoothly and they are of course more popular with estate agents and sellers.
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More of Us Buy Homes Without Mortgages
Tue, 27 Mar 2007
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