Sellers are willing to cut their asking price by as much as £150,000 to attract a cash buyer for a smoother sale in a frantic property market, according to GetAgent.

The average asking price for homes listed in London is currently £486,931, but those looking for a cash buyer are listing at an average asking price of £335,680, says the estate agency comparison website. This is a saving of £151,250 for those paying with cash.

The comparison sites’ analysis looks at current property listings across the major property portals, looking at the listed asking price for sellers only willing to deal with a cash buyer and how this asking price compares to the rest of the market.

It adds that the capital is the hotspot for cash buyers, but there are significant discounts for cash across the country.

Nationally, those wanting only a cash buyer had listed their home for an average asking price of £186,768 versus an average asking price of £256,373 across the rest of the market. That is a discount of almost £70,000, or 27%, for those ready to purchase with cash versus those funding their transaction with the help of a mortgage.

The average length of time it takes to complete a sale has jumped by 23% to 153 days over the last three years, according to data from home moving platform Smoove last month.

GetAgent’s data found that cash buyers are also able to secure substantial discounts in the South East, where the average home advertised for cash buyers only is listed for £82,690 less than the wider average asking price.

This discount also sits at £69,063 in the South West and £68,945 in the East of England.

The North East is home to the lowest cash reductions, although a cash buyer can still get a discount of £35,599 on average. At 32%, this is also the highest percentage reduction in asking price for a cash buyer in the UK.

GetAgent co-founder and chief executive Colby Short says: “Although the market has shown signs of cooling after what has been a manic pandemic property boom, the current landscape is still frantic, to say the least, and there remains a very high level of buyers looking to transact.

“As a result, sellers are still accepting offers at an alarming speed, but there remain some lengthy delays when it comes to getting a sale through to completion.

“One way of bypassing this to an extent is with a cash buyer and it seems as though some sellers are willing to dramatically lower their asking price in order to secure this easier path to completion.”