A legacy of Britain's property boom of the past has been the proliferation in buying agencies, sometimes called property finders.
Unlike estate agents, which represent the interests of sellers, property finders help buyers. Following a client's brief, they find a suitable home and negotiate its purchase for them. In addition to residential properties, some search for land and commercial premises. Hong Kong and other overseas buyers sometimes hire them.
'It is not just about finding a property, it is about evaluating a property and then negotiating a good deal on it,' says Tim Hammond, chief executive of the Association of Property Finders and Buying Agents. 'It is about giving the buyer professional representation.'
Buying agencies first appeared during the 1980s property boom, and mushroomed during the 1997-2007 property bonanza. According to the association, Britain has 300 to 450 buying agencies. Most are one-person outfits covering individual towns or counties, some are companies employing dozens of staff. The largest, Property Vision, was also the first. Set up in 1983, it has 70 employees.
Some estate agencies have set up buying agencies. Prime Purchase, which is linked to Savills, and The Buying Solution, set up by Knight Frank, cover large parts of Britain.
Many buying agents are former estate agents who use their contacts in the property world to unearth properties before they come to market. Typically, a buying agency will charge an initial search fee or deposit and a success fee, based on the value of a property, when a purchase is made.