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Buying agent (or relocation or property search agent) is a term used in the UK to describe someone who acts on behalf of a buyer instead of the seller, as do Estate agents whose job is to get the best price for a property for the seller. Buying agents represent the buyer and will undertake negotiations on their behalf to buy property for the best possible price and on the best terms. The Observer reported that around 63% of homes in the US were bought using Buying Agents (or “Buyers’ agents” as they are known) whilst the figure in the UK is a mere 1%. However, as the British property market boomed, the figure rose dramatically. In the UK, Buying Agents first appeared in the 80s, with one major company being set-up in 1984, it started the trend for representing buyers, leading to an increase in private sales (without using estate agents). Buying Agents have usually been the preserve of very wealthy property buyers with million pound-plus houses to buy, however the entry-level is falling all the time, with agents now taking on clients looking for sub £300,000 homes. TV programmes such as Location, Location, Location have increased the profile of the Buying Agent in the UK, and have brought about the creation of national chains of them.
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