Lower-priced properties drive rise in houses being sold off-market

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Sellers keen to limit the number of buyers through their doors

Around one in 10 homes are selling across Britain without being widely marketed, according to analysis.

In the five years running up to the start of the coronavirus pandemic, the average home sold off-market achieved £1.2 million, estate agent Hamptons said.

The growth in offmarket transactions has been driven by lowerpriced properties.

So far this year, the average discreetly marketed home changed hands for £858,000, down from £979,000 in 2021, Hamptons said.

A lack of available homes means buyers have been prepared to pay a premium to seal a deal before a home is advertised more widely, including online.

So far this year, homes marketed discreetly have achieved a higher proportion of their asking price than their counterparts which were more widely marketed, the research showed.

The average off-market home sold in 2022 achieved 99.5% of its asking price, surpassing a 2014 record of 98.0% which was set during a strong prime central London market.

Meanwhile, similar homes marketed to a wider audience have achieved an average of 99.1% of their asking price so far this year.

Typically, homes spend two to four weeks being quietly marketed, before either a buyer is found or it is launched on the open market to reach a wider audience, Hamptons said.

With more off-market properties securing a sale quickly, fewer homes are then being advertised more widely later on.

Just over a quarter (26%) of homes marketed discreetly came on to the open market this year, down from 38% prepandemic in 2019, according to the study.

The figures came from Hamptons’ analysis of data from Countrywide, a network of estate agents which includes Hamptons.

Aneisha Beveridge, head of research at Hamptons, said: “Postpandemic, selling offmarket has increasingly been driven by sellers keen to avoid wider marketing and limiting the number of buyers through their doors. This strategy has paid off.”