A new report suggests there has been an increase in properties in the U.K. sold without being advertised on any property portals, including the major ones, Rightmove, Zoopla and OnTheMarket.
A new report from residential market specialists TwentyCI suggests more estate agents are successfully selling properties quickly, at or above asking price, without needing to advertise at all.
Its research found that in the second quarter of 2022, there was a 2.4% increase in properties selling without being advertised, equivalent to 4,650 properties.
The trend is most prevalent in inner and outer London, with an additional 4,200 properties now not being advertised but sold over a 12-month period, followed by 4,100 in the West Midlands, 3,000 in the East Midlands and 2,650 in Yorkshire, all on an annualised basis.
“If you look at the volume of available properties for sale right now for £200,000 or less, this has halved since pre-pandemic,” says TwentyCI. “As such, the best agents will already have several buyers lined up, especially for properties at the cheapest prices in areas where demand is hot.”
TwentyCI anticipate that of stock levels continue to fall and/or selling prices increase above asking prices, then the trend could increase further.
“Our view is that emergence of non-advertised properties is not a temporary phenomenon, moreover, it is one that is entirely dependent on future market dynamics. The higher the underlying demand for property is, the less likely we are to see properties advertised for sale.”
In Scotland, the number of advertised properties has almost halved over the last two years, according to DJ Alexander, the largest estate and lettings agents in the country. It found Dundee experienced a 52% drop in the number of properties advertised in August 2022, compared to November 2020. Of Scottish cities, Aberdeen had the smallest fall of 16% fewer properties advertised for sale.