Professional help sought in housing market

The number of homebuyers seeking help from professional house buyers has increased by a massive 353 per cent over the past five years.

11:52 29 September 2004

The number of homebuyers seeking help from professional house buyers has increased by a massive 353 per cent over the past five years, a new survey claims.

Research conducted by Knight Frank's newly re-branded professional home buying service found that there were four major factors contributing to the startling growth.

The Buying Solution report states that the fast-growing market has been influenced by the increasingly hectic lifestyle of high earning professionals, an increasing awareness of the benefits of professional homefinders, increases in property prices and property investment, and migration from city to country.

The study estimates that five per cent of all buyers currently utilise the services of a professional buying agent, rising to ten per cent for properties worth over 1 million and 45 per cent for properties worth more than 2 million.

Estate agents are reportedly finding it increasingly common to deal with vendor representatives rather than the vendors themselves.

"People's perceptions concerning properties have changed and there's a greater realisation that we don't just find the home, but negotiate the deal and sort out any issues with the property upon moving. With the market knowledge and in-depth analysis of specific streets, we can save you much more than our fee, just through negotiation alone," said Robert Bailey, The Buying Solution head of London buying.