Source: CNBC —
LONDON — In trying times for the U.K. real estate market, a growing number of Londoners are opting for novel means of buying and selling their properties, with WhatsApp emerging as a new home for luxury listings.
Off-market home sales surged in the British capital in the final three months of 2022, according to U.K. estate agents Hamptons International, accounting for more than one-in-five (22.3%) transactions — its highest percentage on record.
The uptick coincides with a period of turmoil for the U.K. property market, during which lenders pulled hundreds of residential mortgage deals and new homebuyer enquiries plunged following then Prime Minister Liz Truss’ chaotic “mini-budget.”
Hamptons senior analyst, David Fell, said that led some vendors to “test the water” discretely without leaving a “digital footprint” and potentially hurting future sale prospects.
“Sellers have been increasingly looking to test pricing quietly without leaving a digital footprint, particularly if they chose to take their home off the market with a view to trying again in 6 or 12 months’ time,” he said.
But the figure also marks a continued rise in private property sales in recent years.
