diff --git a/Makefile b/Makefile
index 57bbef2e5..3ab97686e 100644
--- a/Makefile
+++ b/Makefile
@@ -1,4 +1,4 @@
-python := "$(shell { command -v python3.11 || command -v python3 || command -v python || echo false; } 2>/dev/null)"
+python := "$(shell { command -v python3.12 || command -v python3 || command -v python || echo false; } 2>/dev/null)"
 
 # Set the relative path to installed binaries under the project virtualenv.
 # NOTE: Creating a virtualenv on Windows places binaries in the 'Scripts' directory.
diff --git a/README.md b/README.md
index fbba66092..ed883d2e1 100644
--- a/README.md
+++ b/README.md
@@ -73,7 +73,7 @@ The python code inside simplates is only for request-specific logic, common back
 
 Make sure you have the following dependencies installed first:
 
-- python ≥ 3.11
+- python ≥ 3.12
   - including the C headers of python and libffi, which are packaged separately in many Linux distributions
 - postgresql 16 (see [the official download & install docs](https://www.postgresql.org/download/))
 - make
diff --git a/cli/check-python-version.py b/cli/check-python-version.py
index abba54df3..846034bf8 100644
--- a/cli/check-python-version.py
+++ b/cli/check-python-version.py
@@ -1,7 +1,7 @@
 import sys
 
-if sys.version_info < (3, 11, 0):
-    print("Liberapay requires Python >= 3.11, but %s is version %s.%s" %
+if sys.version_info < (3, 12, 0):
+    print("Liberapay requires Python >= 3.12, but %s is version %s.%s" %
           (sys.executable, sys.version_info[0], sys.version_info[1]))
     sys.exit(1)
 if sys.version_info >= (3, 13, 0):
diff --git a/liberapay/elsewhere/_base.py b/liberapay/elsewhere/_base.py
index 9a3b2fe4c..93dfd5f18 100644
--- a/liberapay/elsewhere/_base.py
+++ b/liberapay/elsewhere/_base.py
@@ -1,5 +1,6 @@
 from dataclasses import dataclass
 from datetime import datetime, timezone
+from functools import cached_property
 import hashlib
 import json
 import logging
@@ -9,7 +10,6 @@
 import xml.etree.ElementTree as ET
 
 from babel.dates import format_timedelta
-from cached_property import cached_property
 from dateutil.parser import parse as parse_date
 from pando.utils import utc
 from oauthlib.oauth2 import BackendApplicationClient, InvalidGrantError, TokenExpiredError
diff --git a/liberapay/i18n/base.py b/liberapay/i18n/base.py
index 7aa2e6ca9..8770df1c1 100644
--- a/liberapay/i18n/base.py
+++ b/liberapay/i18n/base.py
@@ -1,6 +1,7 @@
 from collections import namedtuple
 from datetime import date, datetime, timedelta
 from decimal import Decimal, InvalidOperation
+from functools import cached_property
 from sys import intern
 from unicodedata import combining, normalize
 import warnings
@@ -9,7 +10,6 @@
 from babel.dates import format_date, format_datetime, format_time, format_timedelta
 from babel.messages.pofile import Catalog
 from babel.numbers import parse_pattern
-from cached_property import cached_property
 from markupsafe import Markup
 import opencc
 from pando.utils import utcnow
diff --git a/liberapay/models/exchange_route.py b/liberapay/models/exchange_route.py
index d1df9bf7d..43f14e777 100644
--- a/liberapay/models/exchange_route.py
+++ b/liberapay/models/exchange_route.py
@@ -1,7 +1,7 @@
 from calendar import monthrange
 from datetime import date
+from functools import cached_property
 
-from cached_property import cached_property
 from postgres.orm import Model
 import stripe
 
diff --git a/liberapay/models/participant.py b/liberapay/models/participant.py
index e28d7f561..5d99bfb76 100644
--- a/liberapay/models/participant.py
+++ b/liberapay/models/participant.py
@@ -3,6 +3,7 @@
 from datetime import date, timedelta
 from decimal import Decimal
 from email.utils import formataddr
+from functools import cached_property
 from hashlib import pbkdf2_hmac, md5, sha1
 from operator import attrgetter, itemgetter
 from os import urandom
@@ -15,7 +16,6 @@
 import uuid
 
 import aspen_jinja2_renderer
-from cached_property import cached_property
 from dateutil.parser import parse as parse_date
 from dns.exception import DNSException
 from dns.resolver import Cache as DNSCache, Resolver as DNSResolver
diff --git a/liberapay/models/tip.py b/liberapay/models/tip.py
index 75dabc480..0c62ebf08 100644
--- a/liberapay/models/tip.py
+++ b/liberapay/models/tip.py
@@ -1,6 +1,6 @@
 from datetime import timedelta
+from functools import cached_property
 
-from cached_property import cached_property
 from postgres.orm import Model
 
 
diff --git a/liberapay/website.py b/liberapay/website.py
index a97a699bc..9b16b44b8 100644
--- a/liberapay/website.py
+++ b/liberapay/website.py
@@ -5,10 +5,10 @@
 
 from contextvars import ContextVar, copy_context
 from datetime import timedelta
+from functools import cached_property
 import logging
 import os
 
-from cached_property import cached_property
 from environment import Environment, is_yesish
 from markupsafe import Markup
 from pando.utils import utcnow
diff --git a/requirements_base.txt b/requirements_base.txt
index cbd7fb3e7..5e28ab574 100644
--- a/requirements_base.txt
+++ b/requirements_base.txt
@@ -541,10 +541,6 @@ boto3==1.35.13 \
         --hash=sha256:244a76a24355363a68164241438de1b72f8781664920260c48465896b712a41e \
         --hash=sha256:29edc09801743c21eb5ecbc617a152df41d3c287f67b615f73e5f750583666a7
 
-cached-property==1.5.2 \
-    --hash=sha256:9fa5755838eecbb2d234c3aa390bd80fbd3ac6b6869109bfc1b499f7bd89a130 \
-    --hash=sha256:df4f613cf7ad9a588cc381aaf4a512d26265ecebd5eb9e1ba12f1319eb85a6a0
-
 stripe==11.3.0 \
     --hash=sha256:98e625d9ddbabcecf02666867169696e113d9eaba27979fb310a7a8dfd44097c \
     --hash=sha256:9d2e86943e1e4f325835d3860c4f58aa98d49229c9caf67588f9f9b2451e8e56
diff --git a/tox.ini b/tox.ini
index 19f013500..171c7e781 100644
--- a/tox.ini
+++ b/tox.ini
@@ -1,5 +1,5 @@
 [tox]
-envlist = py311,py312
+envlist = py312
 skipsdist = True
 
 [testenv]