Cash Buyer Express – new data product with insurance for conveyancers and cash-only clients
10th October 2023: OneSearch, a Landmark Information Group business, and leading provider of comprehensive property data and search solutions, is proud to announce the launch of Cash Buyer Express, a pioneering data product with insurance complement for conveyancers and their cash-only clients.
Created specifically for an area of the residential market where speed is paramount, Cash Buyer Express is designed with time-sensitive cash-buyer purchases in mind.
Previously it has been assumed cash purchases have no need for a property search, but the real risk factors are no different to those for a mortgage purchase, it’s just the case that there is no lender to mandate one.
Cash Buyer Express delivers as much data as is available immediately alongside the security of a £1m No-Search Insurance policy tailor-made for non-mortgage transactions, with the majority of property data typically obtained from local authorities.
The announcement follows the recent launch of LandmarkConnect, a series of digital hubs by Landmark Information Group aimed at streamlining the home buying and selling process, increasing digitisation, and fostering industry collaboration to eliminate weeks of delay and uncertainty.
Tapping into an ever-growing sector
The continued resilience of cash-buyers in the UK market highlights the increasing demand for protection. Recent statistics from Savills recorded that in January 2023 that cash buyers accounted for 38.5 percent of all transactions, ahead of mortgaged home movers at 25.3 percent. In the prime London market, the number of properties bought for cash has now reached 71 percent.
Robin Wells, Head of Sales Operations at OneSearch, said:
“It’s important to understand that cash purchases have always been a significant proportion of our housing transaction market.
“If you add to this equation falling house prices and fewer mortgage-ready buyers, cash transactions will increase significantly.”
“Whatever the circumstances, a full range of searches is the best way to obtain all the important property information.
“However, there are some cash purchases that are negotiated by buyer and seller using completion timescales as a condition of offer, which could potentially mean that realistic processing time, scales of searches and subsequent enquiries wouldn’t meet these negotiated parameters.”
Desire For Prompt Transactions
Unlike traditional methods which can be at the mercy of Local Authority backlogs and planning queries, Cash Buyer Express provides rapid results, offering a level of reassurance previously unavailable to this significant section of the market.
Elizabeth Jarvis, Managing Director at OneSearch, said:
“Cash Buyer Express fills a critical gap in the market.
“We understand that buyers taking the non-mortgage route are commonly driven by the desire for prompt transactions and the advantage of potentially negotiating lower prices.
“However, they shouldn’t have to compromise on peace of mind for their investment.
“Cash Buyer Express means that property professionals and their clients can complete with more confidence, make informed decisions on their property investments, and tie matters up quickly.”
Ready to order now
For more information about Cash Buyer Express and how it can safeguard your clients cash purchase transactions, email [email protected]
or visit Cash Buyer Express. For more information on OneSearch, visit onesearch.direct or call the main office on 0800 052 0117.
Kindly shared by OneSearch
