Estate agents, who sell houses, are common the world over. However buying agents, who buy them, are less so.
Now The Property Ombudsman (TPO), an organisation that has provided a dispute resolution service to consumers since 1990, is launching a new Code of Practice to cater for the growing number of Buying Agents acting for consumers buying property in the UK.
The new Code, implemented on 1 January, 2014 has been designed to create a uniform set of standards for buying agents based in the UK to protect the interests of consumers and to promote best practice in the industry.
“The Buying Agent Code of Practice is a milestone for the industry,” said Christopher Hamer, the Property Ombudsman. “More than 95 percent of residential sales agents have signed up to TPO’s Sales Code of Practice and we recognised that buying agents are a growing market sector in their own right.”
Unlike sales agents, who are instructed by home owners during a property sale, buying agents act in the interest of buyers to search for and secure the best price on a property. However, both sales agents and buying agents are subject to the same property and consumer protection laws.
Property commentator and professional buying agent, Henry Pryor, was one of several agents TPO consulted with to create the new Code of Practice. "Members of the public who sensibly ask for help when buying what is often their most expensive single purchase can now see exactly what they can expect from their buying agent,” he said.
Photo: Ombudsman Christopher Haymer