The secret to the hottest properties in town lies off-market, according to Banda. Our super-connected search team keeps an eye on the “secret” London property market and unlocks the doors to the homes that are for sale, but not in the open market.
A mere 2 per every 100 privately owned houses in Greater London are on the open market at this point in time, with the average London home coming to market just once a generation* (Source: Lonres). Prime areas of the capital are the most challenging, and therefore it is little wonder that even a budget of £2 million or higher isn’t guaranteed to deliver on all search requirements. The window of selection available at the top-end is becoming narrower and the best properties more elusive, unless the buyer is linked into insider knowledge that can pin down the property, before the ink is even dry on the brochure.
At Banda we have seen a stark rise in ‘off-market’ sales in the last 18 months. 63% of properties were secured off-market last year compared with 44 % in 2013, in order to deliver the cream of the crop for our clients. According to our managing director, Edo Mapelli Mozzi: “We are doing significantly more deals for those searching in the £2million mark. Buyers increasingly want privacy, and a property fast, and there is a distinct lack of choice on the open market. Some buyers don’t want their peers – professional or social – to know they are looking for a property. Operating off market also protects our client’s security and digital footprint, especially during the marketing process.”
At the upper end of the price spectrum, above £2m, options are very limited in certain areas. Buyers looking for a house in Chelsea with a budget of £2-5m have seen an average of just 19 properties reach the market per month since August; and in South Kensington, 12 new properties per month; in Notting Hill, 6 new properties per month, and Bayswater just 11 properties. (Source: Lonres*).
Edo continues; “You can understand why off-market would be so appealing to clients. Adding a garden, a playroom, a lift or a roof terrace to a search criteria drills the search down to a minute selection. Off-market opens up so much more choice.”
Our experience and position in the industry means that our black book of connections leads us to hottest opportunities on this secret property market. This is because we make it a priority concern to thoroughly research and understand the appeal of each evolving micro-market in prime central London.