The most common and most likely answer to this crossword clue is the 12 letter word MERCHANTABLE
I've seen this crossword clue in The Sunday Telegraph
M
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Buddy explains!
The straight part
We know that "like hot cakes?" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case like hot cakes? = merchantable.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MERCHANTABLE mean?
MERCHANTABLE adjective- Fit for the market, i.e. suitable for selling for an ordinary price. Sometimes, this is a technical designation for a particular kind or class.