The number of people who are looking to buy a home in London with cash is on the increase, according to one estate agent.

Naomi Heaton, chief executive at London Central Portfolio, said that since the onset of the credit crunch, the rise in the level of cash purchases has been "notable".

She explained that the primary reason for this was the growing difficulty prospective homeowners were having in accessing mortgage funding.

In addition, the level of stock coming on to the market was also having an impact, with some homes being snapped up within hours of going up for sale.

"Only buyers offering cash can get a look in. Currently cash is the most potent negotiating tool in the marketplace - cash is king," Ms Heaton added.

Her comments were echoed in a the recent report from LDG, which noted that there had been a 20 per cent year-on-year rise in cash buyers in the West End during the final quarter of 2010.

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Written by Graeme Pieterson

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