Consumers significantly misunderstand the market, as nearly half (49.2%) reckon estate agents represent both buyers and sellers, research from advisor platform First In The Door has revealed.
In reality, estate agents only act for the seller who instructs them.
Purchasers can use a buyer’s agent to represent their interests, though two thirds (69%) are unfamiliar with the process.
In terms of challenges for buyers, over half (51.1%) 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.
Claire Whisker, founder of First In The Door, said: “Our mission is to ensure every buyer feels supported and informed, and this research we commissioned by YouGov reinforces this need.”
