The results revealed the top challenges faced by buyers, high stress levels and significant misconceptions - highlighting the crucial need for professional buyer representation, regardless of budget, to provide much needed guidance and support on their behalf. Despite this, the study pointed to a wide-spread lack of awareness about buying agents.
According to the survey, 34.8% of UK adults believe buying a home is more challenging and stressful than selling, with 27.8% claiming it to be the other way round. The remainder didn’t know.
The reasons behind the challenges of buying a property revealed alarming results, highlighting the lack of support for home buyers who do not use a buying agent. 51.1% of respondents found the process stressful and time-consuming, while 48.7% cited difficulties in dealing with estate agents, surveyors, and mortgage advisors. Additionally, 41% were frustrated by delays in the property chain and 38.2% struggled with negotiating or securing a fair price.
The survey also revealed a significant misunderstanding in the market, with a staggering 49.2% of UK adults believing an estate agent represents both buyers and sellers. 4% felt they look after just the buyer whilst 7.1% were unsure. In reality, an estate agent acts for the seller who instructs them, not the buyer.
Meanwhile, awareness of buying agents and their benefits was also limited. 69%of respondents had not considered using a buying agent because ‘it’s not something they are familiar with’ or ‘because they don’t know any.’ This is despite the challenges experienced by buyers and the perception that purchasing a home is more stressful than selling. Lack of awareness also outtrumped the perception that buying agency fees were expensive (11.9%) or they cater to only the wealthy for priciest properties (6.8%).
However, after being introduced to the concept and typical fees, 41% expressed interest in using a buying agent in the future. This is notable, considering that transactions involving buying agents currently account for a much smaller percentage of all transactions.
Claire Whisker, founder of First In The Door, commented:
"Our mission is to ensure every buyer feels supported and informed, and this research we commissioned by YouGov reinforces this need. We’re bridging the gap in the market by providing home buyers with access to knowledgeable and trusted buying agents who can alleviate the stress and challenges often associated with purchasing a home. For a small fee that tends to range between 1-2% of the purchase price, buying agents provide a range of benefits - they're not just for the rich and famous anymore. From early access to off-market homes and providing advice on where to buy, to negotiating prices with estate agents and presenting offers in the best light, First In The Door is making the dream of finding the perfect home a reality for many more buyers."
