The New Way

The ‘Off-Market’ arena has never been so active and, as Jon Byers, Founder of leading prime London estate agents Anderson Rose, shares “It isn’t about working in the shadows, it's about the art of the deal”

An unfortunate combination of political unrest, high inflation and multiple interest rate rises has put a dampener on the London property market, just as it had seemingly recovered from the turmoil of world events over the last few years. This has made sellers, especially those in the prime bracket, opt for a cautious approach, leading many to operate ‘off market’.

Current predictions are that around 25% of London properties valued above £1m are sold off market, whilst that figure doubles to 50% for homes valued over £5m and up to 80% in the £10m plus bracket.

This shows there’s still a lot of activity in the market, be it in the public eye or behind closed doors. However, there’s a perception from some that by operating off market sellers are unconfident about the price they can achieve on the open market, however, it’s much more nuanced than that.

It's important to note that those who operate in the prime sector, especially between £3 million to £10 million+, are unique buyers. There most definitely is an appetite, but it can be damaging to leave your home on the market when there are only a handful of people that could and would complete a purchase. Good agents will have felt this change in pulse and acknowledge that it’s a key reason why ‘off market’ selling has never been as busy.

“From our perspective at Anderson Rose,” Jon Byers remarks. “We handle some big-ticket statement homes that we can almost pinpoint the perfect buyer, we may even have them in our little black book, but it’s all about timing. They may have just bought something else, wider events impacting the market may be making them more cautious or they could be based overseas and not due in town for a few months. All of these factors come in to play when assessing the situation with a new instruction and it’s crucial for our reputation and success as a business that we provide the most informed and honest advice to our clients.”

Therefore, selling a home off-market is not about hiding in the shadows it’s about the art of the deal and finding the best buyer at the best time.

www.andersonrose.co.uk