Former Foxtons agent creates portal exclusively for first-time buyers

An ex-Foxtons real estate agent has embarked on her own endeavor, setting up a property finding service for first time buyers only

Property finders frequently describe themselves as being for all sectors of the market, including first time buyers, but their client profiles suggest they are more usually instructed by wealthy older purchasers, or affluent buyers who are unable to visit the area where they wish to obtain a property.

The new company is called FoundIt London and operates only in Greater London and north east Surrey within the M25; it says the typical FTB in these areas pay £500,000 to £750,000.

It has been launched by Rebecca Stott, who has worked for five years at Foxtons followed by four years in another London-focussed agency, Haus.

The fees on its website says the initial consultation is free of charge but instructing the firm on a sole contract involves a non-refundable upfront fee of £1,000 - deductible from the final bill if a property is found. 

The website does not say how much the full service costs, but says: “We understand that every search is unique and each client has different requirements. Please give us a call, we will discuss our range of services and then put together a bespoke quotation to suit you and your needs to find your first time purchase. We only charge this if we have found your property and you actually exchange contracts on the sale.”

Additional charges listed on the site include £100 for an area guide (“information about the local area … breakdown of reasons why first time buyers are buying here and why) and £100  per property for a comparable analysis.

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