Vendors ‘losing enthusiasm for off-market property sales’ – claim
Research by TwentyEA has found the likelihood of a vendor choosing to sell their home off-market without it being openly advertised has fallen significantly.
Vendors are now nearly a fifth less likely to want to sell their property off-market than last year says data analytics company TwentyEA.
Its researchers looked at the number of homes sold via agents’ ‘little black books’ or Rolodex contacts and in every region of the UK they saw a reduction in off-market sales.
The biggest reduction in appetite was in Northern Ireland where there was a 28% slump in the likelihood vendors will sell off-market. In England, the highest fall was in the North East at 27.5%.
We suspect sellers’ price ambitions are driving many to chase the widest possible audience for their property.”
The smallest reduction however was in Scotland where vendors are now 13.5% less likely to sell off-market compared to last year.
Katy Billany, Executive Director of TwentyEA said: “Off-market sales gathered pace in the ‘race for space’ during the pandemic which saw waiting lists of buyers snap properties up without them needing to go online in some locations.
“Last year, the market was slower-paced and would have created uncertainty for sellers, with some preferring a few low-key viewings instead of a full-blown marketing campaign which may not have been successful.
Audience
“This year, although more deals are taking place, many sellers have remained overly optimistic on price despite high interest rates creating headwinds for buyers. We suspect sellers’ price ambitions are driving many to chase the widest possible audience for their property.”
TwentyEA is part of the TwentyCi group of companies that use data science to improve commercial outcomes for clients.
Read more about off-market sales.
