In 2025, cash buyers accounted for 28% of the overall market, meaning mortgaged buyers made up the remaining 72%. These proportions are back in line with levels seen in 2021 and 2022, before the significant rise in interest rates.
In 2023, there was a particularly strong presence of cash buyers (not requiring a mortgage): 34% of sales England and Wales were for cash, compared with a 28% average over the previous five years.
This trend started to reverse in 2024, as mortgage interest rates started to come down and affordability improved. Mortgaged purchases increased as a result, with the share of cash sales slipping to 31%.
The reversal was completed in 2025, as interest rates fell further and affordability continued to improve. Mortgaged sales have now returned to the five-year average seen prior to 2023.
This is a signal that the market conditions are back to a more usual status quo. When interest rates were at their highest, the market was unusually reliant on cash buyers. A broader mix of buyers has now returned.
Looking ahead to 2026, further expected falls in interest rates and continued improvements in affordability should help support the modest price growth anticipated this year. Source: Dataloft by PriceHubble, Land Registry HPI