Welcome to BuyAssociation.co.uk

Research Methods

• Estate agents: There are estate agents in every town and area in London where you can register and receive regular information about properties for sale matching your requirements.

• Internet: Millions of people a year or some 75 per cent of house hunters use the internet to find a home or at least do their initial research. There are numerous websites where you can enter the name of an area or town and the kind of property you’re seeking and do a search online. You can also register with agents and receive details of properties matching your requirements by email.

• Search agencies: Relocation agents – also called home search consultants or buying agents – can find you a dream home and are particularly useful for overseas buyers or when you’re buying a luxury home and have special requirements. For information, contact the Association of Relocation Agents (ARA), PO Box 189, Diss, Norfolk IP22 1PE (01359-251800, www.relocationagents.com).

• Newspapers and magazines: Local weekly newspapers are a good source of information about property prices, the type of property for sale and local agents. Most have a property section and free property newspapers are also published in most areas. Property magazines are good for new homes and usually contain a list of new developments throughout London. Major daily and Sunday newspapers, such as the London Evening Standard (Wednesday), The Times (Friday edition), The Daily Telegraph (Saturday edition) and The Sunday Times, contain property or home supplements and are particularly good for up-market properties.

The London Property News (020-7388 1744, www.londonpropertynews.co.uk) contains details of hundreds of properties for sale and rent in four regional monthly editions: Central, South and West; Northwest and Central; City, Islington and Docklands; and South of the River. You can subscribe to 3, 6 or 12 issues via their website.

• Property shows: A number of annual property shows are staged in London each year including the Daily Mail Ideal Home Show (www.idealhomeshow.co.uk) in March and the Autumn Ideal Home Show (www.autumnidealhomeshow.co.uk) in October, both held at the Earls Court Exhibition Centre. Others include the Evening Standard Homes & Property LIVE (www.homesandpropertyshow.co.uk) in April at the Business Design Centre in Islington, the House & Garden Fair (www.houseandgardenfair.co.uk) held in June at the Olympia Exhibition Centre) and the Homebuyer Show (www.homebuyer.co.uk) held in March at the ExCel Centre. Property shows are a good resource for anyone planning to buy a new home and those seeking inspiration for design, décor and furnishings.

• Auctions: Auction sales are popular in London, where they account for an increasing number of sales. For information about auctions see Property Auctions (www.propertyauctions.com), UK Auction List (www.ukauctionlist.com), UK Property Auctions Guide (www.uk-property-auctions-guide.co.uk), Auction Property for Sale (www.auctionpropertyforsale.co.uk) and the Essential Information Group (www.eigroup.co.uk). A good book for anyone planning to buy property at auction is Buying Bargains at Property Auctions by Howard R. Gooddie (Law Pack Publishing).

• Private sales in newspapers and on websites: Private sales are becoming more popular in the UK through websites and newspapers such as Loot (www.loot.com), although the vast majority of properties are still sold by estate agents.

• ‘For Sale’ boards: Drive around the areas in which you’re interested, looking for ‘For Sale’ boards.

Estate Agents

Most property in the UK is bought and sold through estate agents (they aren’t called real estate agents, realtors or brokers in the UK) who sell property on commission for owners. Property sold by estate agents is said to be sold by private treaty, a method of selling a property by agreement between the vendor and the buyer, either directly or through an estate agent. Although there are nationwide chains of estate agents in the UK, e.g. covering England and Wales, most agents are local and don’t have a nationwide listing of properties in other regions.

There’s no multi-listing system in the UK, as there is, for example, in North America, and agents jealously guard their property lists from competitors. There’s a plethora of estate agents in London boroughs, so many in some areas in fact that high streets are sorely lacking in shops! If you wish to find an agent in a particular town or area, look under estate agents in the local Yellow Pages, check the internet or hire a relocation consultant to find you a home. Many estate agents are also letting and management agents.

The Internet

You can search for an estate agent or property on the internet, which has come a long way recently and is expected to dominate the market in the next few years. It’s particularly useful when you’re looking for a property in London and don’t live there, as it allows you to peruse property lists at your leisure and possibly even take a guided tour around a property via your computer. A directory of UK agents’ websites (there are hundreds of them) can be found on the ‘Find a Property’ website (www.findaproperty.com/agencies.html). Many estate agents produce free newspapers and magazines containing details of both old and new houses, and colour prospectuses for new property developments.

It’s advisable to choose an estate agent who’s a member of a professional organisation such as the National Association of Estate Agents (NAEA, 01926-496800, www.naea.co.uk). You may also wish to check whether an agent is a member of the Ombudsman Scheme for Estate Agents (01722-333306, www.oea.co.uk), whose members must abide by a code of practice and to whom you can complain if you have a problem.

Relocation Agents

If you know what sort of property you want, how much you wish to pay and where you want to buy, but don’t have the time to spend looking (or you live in another region of the UK or overseas), you can engage a relocation agent (also called home search consultants or buying agents) to find a home for you. This can save you considerable time, trouble and money, particularly if you have special or unusual requirements. Many relocation consultants act as buying agents, particularly for overseas buyers, and claim they can negotiate a better deal than private buyers (which could easily save you the cost of their fees). Some specialise in finding exceptional residences costing upwards of £500,000 (which only buys a modest flat in some parts of Central London).

Relocation agents can usually help and advise with all aspects of house purchase and may conduct negotiations on your behalf; organise finance (including bridging loans); arrange surveys and insurance; and even organise your removal. Most agents can also provide a comprehensive information package for a chosen area including information about employment prospects, health services (e.g. doctors and hospitals), local schools (state and private), shopping facilities, public transport, amenities and services, sports and social facilities, and communications.

Agents generally charge a fee of up to 2 per cent of the purchase price and a retainer of between £500 to £2,500, typically covering a three- or six-month search period. The retainer is deducted from the fee when a property is purchased, but if no deal is done it’s usually non-refundable. Always check the conditions carefully before paying a retainer. To find a relocation agent, contact the Association of Relocation Agents (ARA), PO Box 189, Diss, Norfolk IP22 1PE (08700-737475, www.relocationagents.com) or look in the Yellow Pages under ‘Relocation Agents’.

Copyright © Survival Books Limited 2006

“Buying or Renting a Home in London” 1st Edition, David Hampshire and Sue Harris.
Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying or Renting a Home in London” 1st edition, by David Hampshire and Sue Harris.

For extensive, annually updated information about buying or renting a property in London, you can purchase this book at www.survivalbooks.net

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