Off market sales double in London

Sales of prime central London property leapt 70% between February and March 2011 as buyers fought to beat the stamp duty deadline, a new report reveals.

Off market sales doubled in March and April, from 4% last year to 9% this year as the number of properties available for sale in central London fell. Huge demand has caused supply to fall 49% between February and March.

It is a sign that competition in this sector of the UK’s property market is heating up, according to the latest quarterly review from Winkworth, the leading franchisor of real estate agencies.

The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual.

Source: The Move Channel