PROPERTY INSIGHT: Why Buying Agents are now key to unlocking the best homes in the UK.

With its reputation as a beautiful and culturally rich world nation, as well as a centre of European commerce, the United Kingdom has long been seen as a desirable place to live. Every year, millions of international visitors travel to the UK, whether for its beautiful historic buildings, endlessly charming countryside, or simply the myriad business opportunities the country presents. Many more choose to move permanently. However, especially in recent years, the desirability of the best UK property has been matched only by its increasing exclusivity.

Even buyers at the top of the market have encountered obstacles using traditional buying channels for purchasing residential property. Although estate agents still present many viable options, buyers have had to compete fiercely for the UK’s best homes. This is underscored by an inadequate supply of stock: simply put, more prime buyers want to move to the UK than there are good properties available.

When searching for the right home, more buyers are also realising that many of the best properties are not listed through traditional channels. Research shows that one in four London properties (22.3%) were sold off-market, with the figure for properties valued at £1m of more increasing to one in three (29%). Whether these assets are being managed by the private offices of high-net-worth individuals, or selling agents that operate outside of the public market, the fact is that without a network of contacts or the right expertise, an enormous proportion of London properties up for sale are invisible to buyers.

In the countryside, the situation is perhaps even more dire, and the lack of stock even more profound – making it nearly essential to turn to off-market experts. Strict planning rules and laborious approval processes ensure that it takes months to even begin to build new property in the countryside, hampering the progress of new projects. Existing homes listed on the market are instantly snapped up, especially those in desirable areas such as the Cotswolds or within commuting distance of London.

To access these off-market homes, a buying agent is now essential in the search for prime UK property. These industry experts offer access to exclusive contacts, impartial advice and years of market expertise to assist in the location of the right home for buyers looking to own their own slice of the country.

Haringtons was established in 2004 by its founder Jonathan Harington at a time when buying agents were new to the market. After 28 years in the business, including time with two of the UK’s leading firms, Jonathan realized that there were still major conflicts acting for buyers, so set up Haringtons with the goal of providing an invaluable service to those individuals looking for homes in both town and country. Since then, the UK prime market has only become more exclusive, and the services offered by buying agents such as Haringtons only more essential. Jonathan is a long-standing industry expert, having spent a total of 47 years in property.

Toby Downes is Haringtons’ London specialist, having moved to Haringtons after 17 years at London’s top three estate agents. “We’ve seen that London buyers that don’t use buying agents are finding it harder and harder to find a property that suits their needs”, he says. “Our clients range from families looking for the best schools to affluent individuals looking to buy in areas that suit their needs”.

After a suitable home is found, expertise in the buying a home is also required in today’s UK market. “Thanks to the current economic situation the UK is in, there is a lot of uncertainty about the value of property,” explains Jamie Freeman, director and country specialist at Haringtons. “Although the prime market we operate in is insulated from this to a degree, there is still some room for instability, and a buying agent can ensure you get the right property at the right price.”

As well as with individual buyers, buying agents are increasingly being used in collaboration with private offices in order to manage their property portfolios. This can be a powerful pairing, combining the asset management skills of a private office with the local expertise of a buying agent, ensuring that properties are chosen which will offer the largest returns on investment and are the best places to live.

With the race for the best properties becoming increasingly competitive, and with an untapped market of properties not listed through traditional channels, buying agents are becoming compulsory in order to access the prime UK market. Companies like Haringtons are set to meet this demand for expertise.

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