At £14bn the value of unspent paper £20 and £50 notes equates to the equivalent of over 50,000 average priced homes.
After the 30th September 2022 paper £20 and £50 notes will no longer be legal tender in the UK. At the last count the Bank of England estimated there were over 460 million unspent paper notes, over £6bn unspent in £20s and £8bn in £50s.
Each month around 28% of all sales in England and Wales are cash purchases. In 2021, cash sales account for more than 1 in 3 property purchases in the South West and less than 1 in five in London.
The average price of a property purchased with cash is, on average, 8%-9% less than the average price of a property purchased with a mortgage.
Source: Dataloft, Nationwide, UKHPI, Bank of England