The UK’s first ever independent property finding agency just for first time buyers has launched in the capital.
Called FoundIt London it is the brainchild of former estate agency Rebecca Stott who for the past ten years has been working for London’s Haus Properties estate agency and Foxtons.
Her research among first time buyers revealed that all of them felt they didn’t have the time or the know-how to make the right buying decision, while 82% said they didn’t have the correct information at their fingertips.
Also, 91% felt that their lack of experience meant they had over-paid for their first property and 80% were shocked to discover that estate agents represent the vendor, not the buyer.
FoundIt offers two products – a full-on support and advisory service that requires a £1,000 deposit and charges for additional services such as market research, property analysis and a ‘mobile agent’ phone capability.
The company is focussing on a relatively narrow market – first time buyers with a budget of between £500,000 and £750,000 in London and Surrey.
“During my time as an estate agent, I became acutely aware of the anxiety and distress imposed on first time buyers, most often struggling to find the time to find something suitable let alone view properties,” says Stott (left).
“Friends and family would also tell me endless tales of their struggles and frustration, with estate agents throwing anything and everything at them when all they wanted was advice on where best to buy and the maximum they should pay.”
The company has already signed up its first five first time buyer clients.