What are off-market or hidden properties?
Off-market, ‘hidden’, or private sale properties make up a significant number of sales in any given year. Therefore, they are vital in property movement, especially for buyers and sellers who want autonomy.
Off-market properties are not publicly advertised or listed on the open market. They may be owned by individuals or companies and are not available to the public. These hidden properties can be sold privately, through word-of-mouth, or via an estate agent or broker who has a direct relationship with the owner. Understanding which ‘hidden properties’ may be available necessitates research and networking.
There can be a variety of reasons why people choose to sell their properties off-market. However, some common reasons include the following:
- Privacy: Some individuals prefer to keep their property private and not publicly advertise it to avoid attracting unwanted attention or interest and any future hindering digital footprint.
- Speed: Private sales can often be completed more quickly than those listed on the open market, as there is less competition and the process can be more streamlined.
- Negotiating power: By selling a property privately, the owner may have more control over the sale process and be able to negotiate more favourable terms.
- Personal connections: Some individuals may sell their property privately to someone they know or through personal relationships rather than listing it publicly.
- Marketing: A property owner may sometimes test the market by offering the property discreetly before deciding whether to list it publicly. This can help the owner gauge the level of interest in the property and determine the best strategy for selling it.
Proportion of off-market sales
It is difficult to accurately determine the percentage of properties sold off-market in London and the southeast, as off-market sales are not publicly recorded and can be challenging to track. However, it is generally thought that, in London and the southeast of the UK, a significant number of high-end properties are sold off-market (as much as 40%), especially those in exclusive or sought-after locations.
At Rowallan Buying Agents, over 80% of the properties purchased for clients to date have been concealed from public view and are only available to those with contacts that know where to look, providing discretion and privacy from the press and the public eye, as well as for those who prefer to keep their business… their business.
Access to off-market property is only valuable if it is the right property. Experience often means advising clients not to buy. One of the most important parts of our role is helping clients avoid expensive mistakes, even when that means walking away from an otherwise attractive opportunity.