In recent years there has been a significant increase in the number of properties being sold off-market in the UK, mostly among high-value homes. It is now estimated that around 10% of properties change hands this way. These may be people who may not wish to openly advertise their property on the open market and instead, choose to sell discreetly.
The main challenge buying property off market is the fact that these properties are not visible to the public domain, so it means that you’ll probably never hear about them without help.
If you choose to engage with this method of purchasing, appointing a Property Finder who is experienced at identifying and accessing off market properties is the best option for you, and will bring appropriate qualifying properties to your attention. However, it goes without saying, that there are several things to consider to put you in the best position to proceed in this sector of the market.
Financial position
Most people buying off market will need to be a strong financial position. Having the cash readily available to exchange will put you in a more credible position and make you appear a proceedable and serious buyer.
It also helps if your current property is either under offer, or you are not reliant on a sale in order to proceed.
Timing
If you are in a rush to move, buying off market may not be the best option for you, but it usually depends on the position of the vendor and whether they need time to find their next property. Some may prefer a quick and uncomplicated transaction. Offering flexibility either way can be to your advantage.
Lack of information
You may not have always access to the same level of information on a property when buying off market. Although your property finder would have access to a wealth of market and local information, there may not be the brochure or floor plan that you would expect when purchasing on the open market. You will still of course be able to view a property and commission your own independent survey and valuation, if required.
Is buying off market a good option?
Buying off market can have many benefits, not least because you are getting first dibs on a property that hasn’t been openly advertised on the local market, so you are able to negotiate a price that suits both parties without any competition.
Remember that being able to access such properties alone is extremely limiting and could put you in a weaker position as buyer, especially when submitting a fair market value offer and making sure that your interests are always protected.
Having an experienced and knowledgeable Buying Agent by your side will demonstrate your commitment , and enable you tap to into this market through their network of contacts across the UK.
We strongly recommend getting in touch with our UK Buying Agents if this is a route that you want to go down to ensure that you approach sellers in a discreet and credible way that puts you in the best position.
