Cash buyers are snapping up a bigger share of London’s most expensive homes as borrowing costs rise.
Equity buyers bought 71% of homes in prime central London locations between January and May this year, compared with 60% in the same period of 2022, according to data from Savills.
That was also up from 61% between January and May 2019, before the pandemic.
Borrowers suffered a fresh blow this week as the average cost of a five-year fixed-rate UK mortgage rose above 6%.
