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Prime London homeowners are turning to off-market sales to protect the value of their property, an industry executive claims.
Property consultancy Tyburn, founded by former senior Knight Frank executive Moreas Madani, has revealed it is currently discretely marketing around £70m of high-end properties across prime central London and is predicting that this approach is set to become more prevalent across the market.
Current predictions are that in the current market conditions around 25% of London properties valued above £1m are sold off-market, whilst that figure doubles to 50% for homes valued over £5m and up to 80% in the £10m plus bracket, Tyburn claims.
Moreas Madani, founder of Tyburn, said: “2022 was a strong period for the property market in Prime Central London and across the UK, following some tough years triggered by Brexit and the COVID-19 pandemic, however, rising inflation and interest rates across the globe has piled more pressure on and had a negative impact on values across the board.
“This has led to a significant slowdown in the market, which is influencing the behaviour of some sellers who want to protect the value of their assets.
“The homes we are currently instructed to promote discretely are all of exceptional quality and have excellent value growth potential.
“It is prudent of the sellers to utilise our extensive knowledge of the market and contact base to identify any suitable buyers that are willing to pay a sensible price over listing the home publicly with a traditional estate agent and risk stagnation on the open market or not achieving the price they know they can with patience and the correct approach.”
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Not quite sure how selling properties "discreetly" can protect their values. Any buyer with any brains is going to look at the current marketplace and take professional advice before they make their offer - unless they have more money then sense which is quite possible at the high end of course!
Marketing property discreetly in a falling market is admitting to the problem. Its a question of trust and if an estate agent offered me an under the counter property I'd dismiss it immediately. I'd want to see proof of open marketing and timeline.
Then they'd just sell it to someone else Peter.
Not in this market they wont
When I was an agents= inevitably the so called vendor who wanted discreet marketing was not interested in moving
s==t or get off the pot
Ah so, secret marketing means buyers can't see how long you've been trying to sell for or see how many times the price has been reviewed. Very misleading indeed. To get the best price it has to be out there on all portals for any buyer to find, this agent isn't really working for their client. Oh dear.
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