Sellers ditch discreet deals in favour of finding a buyer – fast!

Off-market property sales, where homes are sold quietly through private networks and contacts, are losing their appeal, according to new data.

Research by TwentyEA reveals that vendors are now almost 20% less likely to consider selling their properties off-market compared to last year.

The study, which analysed the number of homes sold through agents’ personal contacts and “little black books,” shows a decline in off-market sales across every region of the UK.

The biggest drops in enthusiasm for discreet deals were seen in:

• Northern Ireland: A 28% slump in off-market sales
• North East England: A significant 27.5% decrease

However, Scottish sellers seem less fazed by the trend, with only a 13.5% reduction in off-market sales compared to last year.

So, why are sellers ditching discretion?

Experts believe it’s all down to the changing property market.

Katy Billany, Executive Director of TwentyEA, explains: “Off-market sales surged during the pandemic as buyers battled for properties, often snapping them up before they even hit the open market. However, last year’s slower market created uncertainty, leading some sellers to prefer a handful of low-key viewings rather than a full-blown marketing campaign.”

This year, despite an increase in property transactions, many sellers are sticking to ambitious asking prices, even though rising interest rates are making buyers more cautious.

“We suspect these high price expectations are pushing sellers to seek the widest possible audience for their properties,” Billany adds.

In a nutshell, with buyers being more discerning and sellers aiming for maximum exposure, it seems the days of the hush-hush property deal may be numbered.