London’s housing market has always been a hub of activity, with various trends emerging and receding over the years. Recently, a phenomenon known as ‘ghost listings’ has been catching the eyes of property enthusiasts, buyers, and sellers alike. But what exactly are these listings, and why are they growing in popularity?

Understanding ‘Ghost Listings’

Historically, there were two primary methods of selling a house. The first was a private sale, where the only trace of the transaction would be found in Land Registry documents. The second, a more public route, involved showcasing the property through estate agent boards and online portals.

Now, a blend of these two approaches is emerging. ‘Ghost listings’ are luxury homes that appear on popular online property platforms like Rightmove and Zoopla. However, these listings are quite mysterious. They’re marked as “off market”, often have no images or floor plans, and sometimes don’t even provide a clear address. This leaves potential buyers curious and intrigued, while also preserving the privacy of the sellers.

Why the Sudden Rise in Ghost Listings?

Mark Wells, the CEO of Invisible Homes, offers an explanation. His platform, which is similar to ‘ghost listings’, offers off-market properties. According to Wells, selling off-market is beneficial for two main reasons:

1. Maintaining Privacy: This method ensures that the seller’s privacy is preserved, offering a sense of discretion.
2. Avoiding Negative Online Footprints: If a property’s price is slashed or doesn’t get sold, there’s no online record of the initial listing.

However, platforms like Rightmove and Zoopla provide vast exposure, ensuring that properties reach a wide audience. As a result, estate agents are striving to find a balance between privacy and visibility.

Invisible Homes itself is a testament to the rising popularity of such listings. Just a year ago, they had 20 estate agents registered with them in London. Now, they boast a staggering 120.

Is the Ghost Listing Approach Effective?

While ghost listings are trending, not everyone believes they’re efficient. Becky Fatemi, the managing director at luxury estate agents Rokstone, advises sellers to be cautious. She has personally conducted significant off-market sales for high-profile individuals, ensuring total confidentiality.

Fatemi suggests that ghost listings can be counterproductive. For example, if a sprawling 20-bedroom Knightsbridge home is represented online by just a single image of Harrods, the chances of attracting the right audience diminish. Instead, you might receive calls from unintended audiences, like nannies or security personnel, rather than genuine buying representatives.

Peter Wetherell, the founder of Mayfair agents Wetherell, echoes this sentiment. He believes that once a property’s details are available, even if it’s listed as ‘off-market’, it’s very much a part of the public domain.

Spotlight: Five Ghost Listings to Watch

To get a grasp of this trend, here are five ghost listings currently on the market:

1. £25m Mayfair apartment: Listed by Phillips-Berenson as “exclusively off-market”, this four-bedroom apartment overlooks Hyde Park. Though no images are available, amenities like a residents’ lounge, pool, gym, spa, 24-hour security, and valet parking are mentioned.
2. £35m Whitehall detached house: An enigmatic listing, with a map seemingly placing it near One Horse Guards Road. Details are scarce, with only its “extremely rare” and “luxurious” descriptions to go by.
3. £21.5m Holland Park townhouse: Situated near the scenic Holland Park green space, this grand townhouse has a drawing room with French windows, a dining room, garden, and a casual style kitchen.
4. £23m Buckingham Gate mystery: A single image taken possibly from Buckingham Palace’s balcony hints at its luxurious nature. Descriptions mention a grand reception room, separate ballroom, garden, and ample parking.
5. £30m Notting Hill villa: A massive 14-bedroom property, this villa promises potential for a magnificent home transformation, even if exact details are currently withheld.

Final Thoughts

Ghost listings, while intriguing, are a testament to the ever-evolving nature of the property market. While they offer a sense of mystique and allure, potential buyers and sellers must approach them with a discerning eye. For sellers, it’s essential to weigh the privacy benefits against the possibility of not reaching the ideal audience. For buyers, patience and a keen eye for detail will be crucial in navigating these exclusive listings.