Do we still need estate agents?

Do we still need estate agents?

Are estate agents still necessary?

Estate agents have been a part of the UK property market for as long as any of us can remember. Property has been changing hands for centuries, and for much of that time there has always been a broker there helping to bring both buyer and seller together. However, with the rapid rise of the Internet, there are now other ways round the problem of joining these two parties up. But does this necessarily mean that the end is nigh for estate agents up and down the country?

How estate agents fit into the modern market

We firmly believe that there is definitely still a place for estate agents to thrive in the modern property market going forward. However, as everyone is tending to become more global these days, it’s an interesting contrast but the modern day estate agent must concentrate their business more locally than ever before.

Buyers can easily bypass estate agents now with online agents becoming more and more prevalent, but by nurturing local business and being a force in their communities, estate agents can keep a foothold in an area. There is, however, one part of the housing market that will see dramatic change over the next few years, and that is the long distance sale.

Overseas buying is changing

For those people who wish to invest in property overseas, the Internet has been something of a boon. Now investors can research everything about a property or development without having to leave the country, and the benefits do not end there.

It is now easier than ever for anyone with an interest in property overseas to conduct the whole transaction online. This means that there is no longer a need for a local estate agent to be part of the equation and it frees the buyer up from being tied into a foreign agent that is potentially situated many hundreds of miles away.

Financing is also getting an overhaul

As with the purchasing process, the way that such deals are financed is completely being turned on its head too. Gone are the days where any prospective buyer would have to deal with banks overseas and all of the nightmarish red tape that accompanies such transactions. Now, one can simply organise finance from a UK based company for an overseas mortgage that comes with the added peace of mind of being handled by a reputable British company.

Moving away from borrowing off of foreign banks will undoubtedly encourage more people to speculate in the overseas property market, making the housing sector as a whole a far more global affair than it was just a decade ago. This is fantastic news for anyone looking to diversify their investment portfolio and bring a different portion of the housing market into their overall plans for the future.

So, although the housing market is changing quickly and looks set to continue to evolve over the coming years, estate agents will still have a part to play. That being said, it will only be the ones who are willing to adapt that will survive in what could be an unrecognisable marketplace by the time we reach 2030.

This Month’s Top Fixed Rate

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This Month’s Top Variable Rate

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Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

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Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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