They have been around since the late 1980s but have rapidly grown in popularity since.  Not only do they do all the hard work, hunting down the best properties to match each buyer’s requirements, they secure the most competitive prices, saving money for their clients – even after their fee.  In central London, with only 5,000 sales a year, competition for units is stiff and gazumping is rife, so the demand for buying agents is increasing.  This is particularly true for buy-to-let properties, which make up almost 40pc of all purchases.  Here, you need an expert who knows their marketplace, where the up-and-coming areas are, which are the most desirable buildings and which properties rent the best.  London Central Portfolio (LCP) was one of the first such buying agents in the market but its services go even further.  It provides full refurbishment, letting and management and a detailed financial analysis of every property it recommends.  Having operated in the six square miles of central London for more than 25 years, the firm usually hears about the most sought-after properties becoming available before they officially hit the market.  The appeal of buying agents for overseas buyers is obvious. Unlikely to spend hours trawling websites like Zoopla or flying in to meet teams of agents, they can benefit from a hassle-free service and a guiding hand to take them through the legal and tax intricacies of the UK market.  According to Naomi Heaton, chief executive of LCP, British investors can benefit from the service. “The buy-to-let sector in central London is very much a ’commercial’ investment market,” she says.  “For those in the know, a property’s weekly rent can be estimated to within a few pounds. If you know what that is and what return the market should deliver, you can calculate exactly what a property is worth. Get it wrong and pay the price.  “Over-estimating your rent by just £25 per week would mean over-paying for your property by about £30,000”, she adds.  “This is where we aid our clients, helping them put emotional factors aside so they can make the most prudent business and financial judgements.”  On top of this, LCP can manage the entire renovation process, a necessary chore in central London, where units only change hands on average once every 39 years, and where tenants have clear ideas about what they want – something the firm knows all too well as they let the properties too.  All of this means that the company’s rental property portfolio runs at 96pc occupancy, and their clients have seen the growth of their investment exceed the market average by over 27pc on sale.  For overseas investors, this kind of service is a far more attractive alternative to the speculative new-build property exhibitions held abroad.  “New builds are marketed off-plan at glamorous property exhibitions as investments. Buy-to-let investors may see them as a hassle-free option, negating the need for searching and travel.  However, as investment choices, they need to be entered into with care,” says Heaton. “Investors tend to pay a premium for new units, which suffer limited re-sale potential once they are no longer new and buyers have moved on to the next marketing phenomenon.  “The initial high rents, often guaranteed by developers, are usually unrepeatable as the glut of identical properties coming back onto the market at the same time almost inevitably forces the rents down,” she adds.  It seems estate agents are a dying breed. No longer the only avenue to sell or buy your property, improving technology and portals like Rightmove and Zoopla means they are likely go the same way as travel agents.  In a world where people increasingly seek added-value services, buying agents, however, look here to stay.  It’s easy to assume that they are only for the wealthiest elite. But with so much competition to find the best properties at the best possible price, more and more buyers are turning to buying agents for what is likely to be the largest purchases they will ever make.  • For more information on LCP’s one-stop service or investing in their new fund, London Central Apartments III, go to londoncentralportfolio.com or follow them on Twitter @LCP_Ltd
Finding and buying a house online is easy but with estate agents focused on the seller, the real value to house buyers can be found elsewhere