"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"
- Katy Billany, executive director of TwentyEA
The likelihood of a vendor choosing to sell their home off-market without it being openly advertised has fallen significantly, new research has found.
Data analytics company TwentyEA found that across the UK, vendors are now 18.3% less likely to sell their home this way than in 2023.
All regions of the UK saw a reduction in sentiment but this was lowest in Scotland where vendors are now 13.5% less likely to sell off-market this year compared to last year and the highest was in Northern Ireland with a 28% drop in likelihood. In England, the highest fall was in the North East at 27.5%.
TwentyEA examined its whole of market coverage of advertised properties for sale and compared it with further downstream activities in the buying process such as the number of legal searches conducted on properties to obtain a viable comparison.
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.
“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.”
