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There can be benefits that come with selling a home off-market, such as discretion or cost-efficiency for example, and so it is not surprising to see that 11% of all London properties were sold off-market in 2019 and that number looks to be growing.
The way off-market selling works may seem implausible for some. Removing virtually all publicity and advertising for the property with the aim of finding a buyer may not make sense for the average seller but a study from Hamptons shows that in 2019, 11% of properties in London were sold off-market and, for the second year in a row, 7% of all property transactions in Great Britain occurred off-market.
There can be benefits that come with selling a home off-market, such as discretion or cost-efficiency for example, and so it would not be surprising to see the 11% as reported by Hamptons to rise in the coming years.
Selling off-market can offer some home owners a greater sense of control over a transaction. There is more control over who is visiting your property, what is known about it, who can see any information regarding floor-plans, cost reductions and so on.
As well as control, selling off-market can offer a great deal of privacy. For many looking to sell their home, discretion is of utmost importance and something that often has to be sacrificed when selling on the open market. With an off-market sale (and no marketing or website listings) a seller has a greater sense of control over what is known about the property and they can maintain discretion throughout.
Expenses such as marketing costs, conveyancing fees and other additional costs can all add up very quickly when selling via the open market with an estate agent, not to mention any costs that come with staging and general home improvements ahead of the property being listed.
Whether it is due to financial difficulty or relocation for a new job, no one wants their property on the market for too long. Our latest research tells us that it now takes roughly eight and a half months with it being viewed an average of 18 times for the average sale to be completed. As many cannot afford that sort of waiting period, they turn to selling privately, ensuring a quick turnaround, which is why more and more people are utilising the fast home-buying service that Spring offers.
Off-market is perfectly suited for those who want discretion and a sense of privacy when dealing with their property sale. While it is typically utilised by those selling properties for over £1 million and by those wanting to keep a low profile, you can still achieve the same effect with Spring. If efficiency is the most important factor in selling a home, avoiding the open market and utilising a home-buying service like Spring can provide you with a guaranteed sale that is efficient and away from the open market, giving you the control, speed and discretion you may be looking for. To speak to a member of our home-buying team, visit our Contact page today.
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