A record share of Londoners are shunning property portals and opting to sell their homes on their own terms â€” which are increasingly negotiated over WhatsApp.
Almost a quarter of London homes were sold off-market in the final three months of last year, according to broker Hamptons International. Thatâ€™s more than double compared to the same period of 2019 â€” the final quarter before the pandemic â€” when under-the-table sales claimed 11% of total market share. It is also the highest quarterly figure since Hamptons began recording data in 2007.
The trend is particularly pronounced among Londoners with more expensive offerings. â€œTougher conditions have increased the number of Â£1 million-plus ($1.2 million) homes being marketed quietly,â€ said David Fell, a senior analyst at Hamptons.
Almost a third of homes sold for Â£1 million or more were traded off-market in the final three months of last year, the highest quarterly share since 2017. The rise in luxury off-market sales is partly due to a surge in activity at the top of Londonâ€™s real estate market. New sales of homes priced at Â£5 million or more were 74% higher in the final quarter of 2022.