The share of UK homes being purchased entirely with cash has risen to a record high of more than a third, underscoring the two-speed housing recovery and casting doubt on fears of a new debt-fuelled bubble.
The revelations, which come in the week that UK house prices surpassed their 2008 peak, complicates the picture for policy makers debating whether a rebound poses a systemic risk to the economy.
A comprehensive study of residential property transactions, compiled for the Financial Times by Savills and Hometrack, shows that £83bn of houses were bought without debt in the last year, out of a total £237bn of deals.
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