John. W Engele
Off-Market Frenzy: UK Home Sales Soar in 2022 Amid Discreet Transactions
London's Luxury Real Estate Leads the Charge in Private Sales and WhatsApp Adds Convenience
It's a secretive love affair between the Brits and real estate transactions! The latest report shows that off-market home sales in the UK capital were on the rise during the final quarter of 2022, accounting for over 22% of all transactions - a historic high.
In a tumultuous property market, some vendors chose to test the waters discreetly, avoiding a digital footprint that could harm their future sale prospects. Private property sales in London have almost tripled since 2018, now making up 21.2% of annual transactions.
London's luxury real estate market is at the forefront of this trend, with private sales of homes worth £1 million or more accounting for a substantial 32% of prime real estate transactions in the capital during Q4 2022. Anonymity seems to be the preferred choice, especially among buyers and sellers of properties worth £20 million or more.
Instant messaging apps have become a major advantage for estate agents, making it easier for them to connect with clients and share properties with potential buyers. And with the advanced features of these apps, estate agents can keep their listings discrete while reaching a wider audience.
In the world of private real estate transactions, the saying still rings true - what happens off-market, stays off-market.