Cash buyers are able to secure properties at an average 6% less than the UK average house price, according to Jackson-Stops, which represents a £15,162 saving.

This compares to those who buy with a mortgage, who pay an average 3% more than the average house price, said the esate agency, or an extra £7,596.

Comparing the average house price when paying with cash compared to a mortgaged transaction, the saving is therefore 8%, equating to £22,758.

But buyers in some regions can negotiate better cash discounts than others.

Regional split

The North West is the most attractive market for cash buyers, who pay 90% of the average paid, securing a 10% discount, equating to a saving of £20,993.

Jackson-Stops said this works out to be 16% less than those purchasing using a mortgage.

At the other end of the scale, in the South West, cash purchasers pay 98% of the average price paid – the highest in the country.

For mortgaged buyers, it is the South East where homebuyers pay the biggest premium compared to cash buyers, spending £32,832 more when a mortgage is required.

Nick Leeming, chairman of Jackson-Stops, explains: “It’s a cash buyers’ market. Not only are they pipping some mortgaged buyers to the post, but they’re often able to give sellers the quick sale that they are after in today’s less than certain mortgage market.

“A large proportion of today’s cash buyers are equity-rich baby boomers deciding that now is the time to downsize and live retirement with fewer bills and more financial agility. We expect this trend to continue as the UK market demographic goes through a significant shift, in which soon one in four people will be over 65. Many of these homeowners are choosing to take their next steps now and make a purchase that better reflects their future needs. These are lifestyle driven cash buyers who’ve typically built-up equity in the family home over several decades.”

“For sellers hoping for a quick sale and a straightforward process, cash buyers are undoubtedly an appealing option. Funding a purchase with cash can avoid lengthy valuation queues, boundless scrutiny from conveyancers and have the added benefit of being able to move ahead irrespective of wider economic concerns.”