In today’s buoyant and highly competitive UK property market, buyers are becoming increasingly more willing to pay a premium to secure an off-market property. The tug of war between supply and demand continues to lean on the side of sellers, providing them with more confidence to limit the pool of potential buyers for their property.
What is an off-market property?
The term ‘off-market’ generally means the property is not advertised on the open market. Off-market could exclude any channel for advertising, not just estate agents. Off-market properties are often discreetly marketed by an agent but only to buyers who meet specific requirements or buyers they know. In some instances, the selling party may request a profile for desirable applicants before any information on the property is released.
How do I find an off-market property?
The off-market property environment isn’t easy to navigate, as it is essentially a largely discreet subsection of the main property marketplace. Due to the fact that this is a highly specialised domain that operates on the basis of property professionals and their networks of connections, it’s important to have an excellent agent on your side.
One of the main things to consider is that once you’ve secured your trusted agent, you will need to let them know if you are available and able to make a quick move. This will make you more attractive to any seller.
Why do sellers choose to list their properties as ‘off-market’?
There’s a long list of reasons why sellers may choose to sell their property through more discreet means, some of which include:
- They may wish to keep their personal matters private, such as the reason behind their move.
- The seller may have selective requirements relating to potential buyers, such as only welcoming applications from first-time buyers who can move relatively quickly due to a ‘chain-free’ transaction.
- There could be specific personal or property security considerations, which means widespread public interest would not be welcomed by the seller.
- In some cases, the owner may have a high-profile or public persona, in which case their location and sale need remain confidential.
Why do some off-market properties command a premium?
There are many inherent advantages that come with buying an off-market property. These include:
- You may be able to purchase your home at a discount. In some cases, the seller has opted to sell their property off-market in the interest of speed rather than maximising their asking price. And since there’s less competition, you’re less likely to find yourself in a bidding war.
- Including off-market listings in your property search maximises your opportunities and the range of properties available to you.
- The vendor is more likely to accept your offer as they may have hand-picked your application.
- The transaction should be faster and more efficient due to fewer potential buyers being considered.
- If your estate agent has sought out an off-market home for you, it means that the property is highly compatible with you, perfectly meets your criteria and is therefore worth the extra measures.
- Most importantly, securing an off-market home will give you peace of mind and minimise the stress that comes with house-hunting.
Speak to us today for more information.
