Cash buyers made the largest percentage savings in the North East, where the average discount was 13pc. But the biggest cash savings were in the North West, where the average discount of 12.9pc was equivalent to £27,583.

The percentage savings were smaller in the South, but high house prices meant the savings were still hefty in cash terms. In the South East and East of England, cash buyers earned respective discounts of 6.6pc and 7.6pc compared to mortgaged purchasers. This meant they saved £24,852 and £25,571 in cash.

In some markets, particularly those on the coast, however, competition has been so fierce even buying mortgage-free does not count for much. Nationally, there was a ratio of 19 registered buyers for every newly listed property, according to Jackson-Stops. In the South West, that jumped to 23. In Dorset specifically, the number was 26.

Across the region, cash buyers could negotiate only a 2.3pc discount compared to mortgaged buyers – a saving of £7,000 versus the wider market. This was despite the fact that they were spending on average £40,800 more than they did pre-pandemic.

Jonathan Cunliffe, a Cornwall estate agent, said: “During the pandemic we saw the return of the second home buyer and the return of the cash buyer, coming primarily from London and the South East.”

Philip German-Ribon, of Jackson-Stops’ Bridport and Dorchester branch, said a recent listing in Dorset at the £1m mark received 10 offers within days of launching. Half were from cash buyers. But buyers with mortgages in the South West are competing with cash buyers by moving into rental properties to make themselves chain-free, he said.