The managing director of an agency operating in prime central London and other high-value locations in southern England says the Open House concept no longer works for the most expensive properties.
“At the top end of the market, Open Houses do not work anymore” claims Alex Newall of Hanover Private Office.
“There are not enough Ultra High Net Worth Individuals who want to mingle with their competition. Even buying agents don’t bother to show up” he says.
“I think they might be helpful for the £250,000 to £1.5m market, but above this level Open Houses are a bit done” Newall has told the Daily Mail.
In the same article Strutt & Parker reveals it had 1,100 viewing and 32 sales as a result of its national Open House day back in February; it is hoping for a repeat when it has its next in early October.
“The key is to make viewings as easy as possible with minimal interaction with the agent. Some buyers still find it daunting to register with agents and this makes the whole process so much easier” says the agency’s Simon Backhouse.