Devon has been named as the best place to secure a cash buyer for your property.

Research from property purchasing specialist, House Buyer Bureau, has revealed areas of the property market where home sellers have the best chance of securing a chain-free transaction, with as many as 61% of all properties sold over the last year have been purchased by a cash buyer.

East Devon came within the top 10, with a 53 per cent chance. Other areas to make the top 10 include West Devon (56%), the City of London (55%), Argyll and Bute (54%), Ceredigion (54%), East Devon (53%), Torridge (53%), Powys (52%) and Kensington and Chelsea (52%). 

In contrast, you have the slimmest chance of securing a cash buyer in Barking and Dagenham, where they accounted for just 8% of all homes sold over the last 12 months.

The property market has been cooling in recent months, but while house prices have only shown marginal signs of decline, the biggest challenge facing today’s sellers is the ability to find a buyer in a position to proceed. 

This heightened market uncertainty and the increasing cost of borrowing is causing many transactions to collapse. But there is one way to sidestep this market bottleneck and that’s by finding a buyer with no onward chain. 

However, despite offering the chance of a chain-free transaction, many first-time buyers are also struggling with the increased cost of borrowing due to higher mortgage rates. Therefore, in the current market cash buyers are proving the golden egg when maximising your chances of a smooth and certain sale. 

With money sitting in the bank, a cash buyer not only removes the dreaded chain from the equation, but there is no reliance on third parties when it comes to the provision of funds. 

Further analysis of Gov data by House Buyer Bureau shows that over the last 12 months, 31% of all homes sold across Britain were purchased by cash buyers. 

Managing Director of House Buyer Bureau, Chris Hodgkinson said: “A chain-free transaction has always been the best way to tackle the otherwise uncertain task of selling a home. But it’s fair to say that in the current market the appeal has never been greater. 

While first-time buyers offer a greater degree of certainty, it’s cash buyers who hold the strongest position in the current market. The good news is that, as our research shows, they are extremely active in many pockets of the nation."