Sellers almost 20% less likely to choose off-market sales, data finds
TwentyEA examined advertised properties for sale and compared this with further downstream activities in the buying process.
The likelihood of a seller choosing to sell their home off-market without it being openly advertised has fallen significantly, research has found.
Data analytics company TwentyEA found that across the UK, sellers were 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.
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 advertised properties for sale and compared this 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.”
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