Watch out! Your Dream London Home Might be Invisible and Selling Off-Market
- Jacob Littorin
- Mar 11, 2024
- 6 min read
Updated: May 22
Hi 👋
There is an 'off-market' in London where invisible properties are selling. These houses and apartments are not found online on property portals such as Rightmove. Roughly 23% of the properties selling in London are available off-market. What does that mean?
In this article, we will discover London's off-market. My guest is Annabelle Schaathun Cole, Business Development Manager at Invisible Homes off-market platform. Annabelle will share her secrets for you to find your dream London home.
1. What does 'off-market' really mean?
The definition of what is it to be ‘off-market’ is nuanced, but it’s fair to say that usually it means that a property is not listed on the ‘portals’: Rightmove, Zoopla, and OnTheMarket.
Sellers usually choose to be off-market in order to avoid the negative digital footprints associated with these platforms. They may be worried about nosy neighbours, security (potential burglars seeing their artwork, for example), or friends and family knowing how much their house is worth. At the top end of the market, high-profile individuals may wish to be off-market so that they have total control over the buyers that see their details, and in these cases often agents will ‘vet’ the buyers to ensure they are serious before even sending photographs.
Some buyers also choose to only buy off-market for similar reasons. If you buy a house on the open market and friends and family google your address in the future, they’ll be able to see how much you bought it for. If you buy it off-market, everything is just a little more discrete.
2. Is the off-market just for the most expensive properties?
Not at all. The open-market portals also advertise the time listed and the price reduction history, so sellers may worry that sitting on the market a little longer (often during the ‘quieter’ months of July, August, and December) or showing as reduced may make their property appear unfairly compromised.
In fact, Rightmove themselves shared that “Reduced properties take twice as long to sell, their fall-through rate is double, and an agent is 1.5 to 2 times more likely to lose the listing to a competitor” (Timothy Bannister, Director). Therefore, sellers at all price points will choose to be off-market for a variety of reasons. Perhaps it’s an uncertain market or an unusual property, and they need to test out what the right price is. It could have been reduced twice because their situation changed and they needed to hurry, and they didn’t want buyers to be wrongly suspicious that there was a problem.
All of this means your dream home might be off-market, whether your budget is £280,000 or £35,000,000. In fact, data showed that the highest proportion of enquiries on off-market properties in February was tied between £500,000 - £700,000, and £1,000,000 to £1,200,000 (Invisible Homes, 2024).
3. How to access London’s invisible properties
Whilst it’s hard to track exact figures, it’s been reported that around 23% of property sales across London took place off-market (Hamptons, 2022). This percentage is likely to be significantly higher within London’s more expensive locations, so you could be missing a huge section of the market by only searching on Rightmove.
Most of the time, Estate Agents will generate viewings for their off-market listings by emailing the listing out to all the buying agents and the buyers on their database within that price bracket, as well as calling them, and taking buyers along who have originally enquired about a similar property.
This traditionally has meant buyers only have two ways of accessing off-market homes: invest in appointing a buying agent, who will know everything available on the market, or have a relationship with every single selling agent in the area to make sure they know to call you when they have something available.
The third way is to register on Invisible Homes, London’s off-market portal. This performs a similar function to the open-market portals, but it’s a closed platform (buyers have to register) which means property listings don’t come up in a Google search. Listings also don’t advertise the time listed or the price reduction history, so sellers can accommodate the reasons they wished to be off market, whilst still ensuring all the buyers see their property. Estate Agents in London list 100s of properties every month, so as a buyer you can access the whole off-market in one place if you aren’t in a position to instruct a buying agent, and you don’t want to rely on all the local agents to call you.
You can sign up to Invisible Homes at https://invisiblehomes.co.uk/.
Our home is and should feel like our safe place. We were reminded of the importance of a 'home' during the Covid-19 pandemic as we, like never before, were tied to our homes for peace of mind, safety, and comfort. The home environment should therefore reflect who you are and contain features in the spaces that make you feel at peace.
For many, interior design and furniture come to mind. These are controllable features, such as darker or lighter colours on the walls and furniture, and softer or harder shapes and appliances. However, there are other - uncontrollable - aspects of the property that influence our inner peace.
North, east, south, and west - what sort of sunlight do you fancy in the spaces? Indeed, a south-facing balcony or patio is popular - but not for everyone. If the bedroom windows face west you would not be exposed to the morning sun, but perhaps you are a morning person and crave that sunrise? Perhaps you want a dormer window for reading, and do you know the limitations of a conservation area?
The list goes on and on, with a lot of different property aspects the untrained eye might not keep track of. So you end up on the sofa continuously browsing Rightmove because you didn’t find ‘the one’. I’ve learned from top agents that buying a home is not a checklist and for many home buyers; when it feels right, it is right.
This means that although 23% of London homes for sale are not on Rightmove, and invisible to you, a further number of ideal homes will not be “seen” by you as you have an untrained eye.
This is not a personal failure - it is just simply about practice. When was the last time you searched for and purchased a suitable home? You could find it - of course! You could go on lots of viewings, but it comes at the expense of your time and energy - and without representation.
Buyer Agents have the trained eye you want and deserve, and they provide their buyer clients with a great, fiduciary representation in the purchasing process. As your dream London home might be invisible and selling off-market, an excellent Buyer’s Agent has access that you don’t: the key to London’s off-market.
The off-market doesn’t have an end. The end is in your imagination, and more so, in your buyer agent’s imagination. Their key is their relationships with agents across the capital and beyond. Their key is in their mind.
Who do they know that could offer the property you are searching for? What suitable properties were previously listed for sale but withdrawn? What suitable properties were sold 5 years ago, and have now increased in value so the homeowner can make a hefty return on their investment? Imagination.
Purchasing your new home might be one of the biggest transactions of your life. It is a place where you would likely spend many years to come. The key in London is to access the entire market for you to make an informed decision and investment. I adore that Invisible Homes now provides buyers in London with vital access to the off-market, and I am happy to see its continuous growth and success across London. Along with a Buyer’s Agent by your side, it cannot get any better for you in your search and purchase of your dream home - your safe place. 💜
Thank you for reading, and thank you Annabelle Schaathun Cole of Invisible Homes for being my guest on this 4th edition! 💜 The next edition is out on the 25th of March.
Want advice on your property needs?
I'm your aspiring Personal Islington Estate Agent in London - let's chat! Read more or get in touch at jacob@jacoblittorin.com. 💜
