INVERCLYDE has seen the biggest rise in cash property purchases anywhere in the UK in the space of a decade, according to new figures – with more than half of all properties for sale purchased outright last year.

The area experienced a 39.4 per cent rise in the number of properties sold for cash between 2013 and 2023, from 371 to 591.

The study, carried out by UK mortgage broker SPF.co.uk, found that 36 per cent of all homes put up for sale in Inverclyde were bought outright in the area in 2013, jumping to 50.1 per cent last year.


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According to the Office for National Statistics (ONS), the average house price in Inverclyde is £123,000, with first-time buyers paying £100,000 on average for their first properties as of April 2024.

This latter figure is an increase of £10,000 compared to last year. 

The research analysed data from the HM Land Registry to track the shift in the percentage of cash sales across local authorities all over the UK between 2013 and 2023.

The study focused on the change in the proportion of all property sales that were cash transactions, rather than the total number of properties bought outright. The results were then ranked by the largest changes in each region.

The second largest rise in cash sales was in Hart in Hampshire, but the increase there, of 26.1 per cent, was significantly less than in Inverclyde.

Inverclyde saw an increase of more than 39 per cent in cash sales between 2013 and 2023.Inverclyde saw an increase of more than 39 per cent in cash sales between 2013 and 2023. (Image: Joe Giddens/PA Wire) Two more Scottish council areas, Aberdeen City and Na h-Eileanan Siar (Western Isles), were in the UK top 10, with cash sales there rising by 21.34 per cent and 20 per cent respectively.

Mark Harris, chief executive of SPF.co.uk’s Private Clients, said: "Outside London, there has been a growing trend of cash purchases post-pandemic, perhaps due to the savings some people were able to build up during Covid and choosing to use these rather than opt for more expensive borrowing.

“That said, cash sales overall have decreased, with ONS data showing 186,000 sales in England last year, down from 254,000 in 2013, which may be down to higher property prices and the elevated cost-of-living, leaving people with less disposable cash. 


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"With properties in London and the south-east costing significantly more than elsewhere, they tend to be unaffordable for certain cash buyers such as retirees who prefer to own outright.

“Economic uncertainties and market fluctuations have also made investors more cautious, driving them away from the capital.

“Additionally, the shift to remote working for many has further encouraged people to live outside major cities, with investors looking at alternative regions.”