The buying agency Black Brick says 38 per cent of its transactions the first half of the year were off market - some 10 per cent more than in the comparable period of 2016.
This surge is attributed by managing partner Camilla Dell to sellers not wanting to openly market their properties and risk having to cut prices multiple times because of the slow London market.
All off-market transactions handled by Black Brick have been for properties in west London with 60 per cent in W8 and 40 per cent in W1.
“Traditionally, off market deals were for properties priced at over £10 million plus and situated in London’s ‘golden postcodes’. However this has now expanded right across London, with properties priced at £1 million or more being sold off-market” she says.
Dell also says that 100 per cent of her company’s transactions this year have been to cash buyers, compared with 46 per cent in 2016.
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