Redcar and Cleveland has been named as one of the regions with the largest increase in the percentage of properties bought outright in the UK.

The region experienced a rise of 21.9% in overall property cash purchases from 2013 to 2023 according to a study by UK mortgage broker, SPF.co.uk - making it the fifth largest increase in the country.

Statistics agency, the ONS, reported the average house price in Redcar and Cleveland is currently around £158,000 and first-time buyers spent approximately £141,000 for a property.

In 2023 alone, the HM Land Registry recorded that 682 properties were bought outright, representing a noteworthy 40.7% of total property sales for the year.

The study used data from the HM Land Registry to assess the percentage of properties sold as cash sales in every local authority in the country over a ten-year period.

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The focus of the study was primarily on the percentage increase of cash purchases, rather than the total number of properties bought in cash.

Results were then formulated for each council and ranked according to the regions with the largest transformations.

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.

"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."