Off market sales soar according to new report

ended 01. June 2022

Over the past two years, there has been a significant rise in the number of off-market sales, primarily in non-prime markets, which have traditionally seen limited off-market activity, according to a new report. The report also shows that, in London, a record 23% of sales agreed in 2022 were quietly marketed, while nationally the figure rose to 1 in 10. Are you seeing this? If so, why is it happening? Is it likely to continue if the market cools? Any other thoughts, jot them down. 

3 responses from the Newspage community

Star Quote
We have noticed a lot of clients are purchasing off market. This is due to the fact that the supply for properties above £1m is very limited but the demand is strong. To get an advantage, a useful way is to buy off-market as it reduces the competition. You need to put forward a good offer, be ready to move quickly and having a good contact is key. As we deal with a lot of HNW clients, we regularly have people asking us to refer to off-market specialists. Traditionally, we would refer clients at a higher level, typically above £5m. However, there are more considering this at a lower value, especially those based abroad or in the UK based in another part of the country.
It's no surprise that this has happened with property prices rising so high and a lack of available stock. As long as there is a lack of housing stock, the shift to off-market sales is likely to continue to grow as potential buyers do whatever they can to ensure they are top of the list. People are doing everything possible to get ahead of other potential buyers. I personally know someone who had a letter posted through the door of their £1.25m property offering to purchase it.
Discreet marketing is favoured by a few who, for various reasons, want their property to be marketed anonymously. Good independent estate agents will have a database of suitable and active buyers who will be ready for the right property to be presented to them. However, it should be stressed that not everyone registers with the local agents and in order for a vendor to achieve the best sales price, it is important for a property to see the market in a more prominent way. I'm surprised at the significant increase in off-market sales, but social media is providing another platform for promoting properties for sale away from the traditional portals, which is potentially skewing the data.