More than a tenth of homes are now sold “in secret”, as off-market sales move from being the preserve of the super-rich to the mainstream.
According to research by Hamptons, the value of the average house sold off-market, without being listed on a property portal or estate agent’s website, has reduced from £1.2m to £858,000.
The location of off-market sales is changing too. In the past, the practice was common in affluent central London districts such as Chelsea, Mayfair and Notting Hill. However, during the first five months of this year 24% of homes in prime country markets changed hands without being openly marketed, compared with 23% in London, and 59% of off-market sales are now outside the capital.
