Mr Warner said: “To spot a house before it goes on the market is a near impossible task without some kind of professional help. The off-market world is made up of relationships – locally and nationally – nurtured for decades, through estate agents, family, professionals, social networks and tradespeople. A buying agent can find an off-market house for you through their existing network in a fraction of the time it might take you.”
Charlie Wells, managing director of buying agency Prime Purchase, added that in his line of work “trust is everything”.
He said: “People often give me information on the basis I might have someone interested in that particular property. If not, I will forget about that property and not talk about it openly, particularly if it is sensitive.”
However, this help doesn’t come free. As a guide, you could expect to get charged up to 2.5pc of the purchase price (plus VAT), as well as a registration fee of around £3,000.
Given the price tag, this option won’t be right for every buyer. However, for those with a very specific search, it can open doors that would otherwise stay closed.
Check out new-build schemes
When thinking about buying off-market, the new-build sector is a slightly different proposition. Developers will often run priority lists, early-bird reservations or launch events before wider marketing begins for their properties. In some cases, the homes won’t even have been built yet.
Ms Kerr said: “For example, “Deposit Unlock” [a new-build scheme for buyers] lets you buy a new-build home from a participating developer with just a 5pc deposit. Many major housebuilders are already signed up, including Bellway, Barratt Homes and Persimmon.”
It’s well worth seeing what is available – and if nothing suitable is already on the market, keep your eye out for any future developments planned.
Equally, while new-build will be the right option for some, caution is needed.
Mr Mendes said: “Registering early can help, but buyers still need to look at the whole picture, including incentives, service charges, resale prospects – and whether the mortgage product genuinely suits them.”
Don’t get carried away
Whatever you do, don’t get carried away with the idea of buying off-market. Just because a property is more exclusive, the price still must make sense against comparable sales – and the mortgage valuation.
Mr Wells said: “The biggest trip hazard of the hidden market is pricing. It is all very well buying something off-market – but are you paying the right price? Any mug can purchase something privately for too much money.”
He added that sometimes it is better for a home to find its way on to the market, which then does its job of finding the right price for that property.
Mr Wells added: “You shouldn’t pay more for a private opportunity unless you’re in a pressured position to buy – or the place is something so special that you can’t afford not to.”
The key is to do your research, keep your emotions in check and remember: a “hidden” property is only a bargain if the price stacks up.
